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DELT Deltic Energy Plc

14.75
-0.50 (-3.28%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Deltic Energy Plc LSE:DELT London Ordinary Share GB00BNTY2N01 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.50 -3.28% 14.75 14.50 15.00 15.25 14.75 15.25 438,719 14:29:40
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Coal,oth Minerals,ores-whsl 0 -2.99M -0.0321 -4.60 13.73M

Deltic Energy PLC Completion of Selene farm-out to Dana Petroleum

03/04/2024 7:00am

RNS Regulatory News


RNS Number : 0624J
Deltic Energy PLC
03 April 2024
 

 

Deltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural Resources

 

3 April 2024

 

Deltic Energy Plc ("Deltic" or "the Company")

 

Completion of Selene farm-out to Dana Petroleum (E&P) Limited

 

Deltic Energy Plc, the AIM-quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern North Sea, is pleased to announce that it has received the required regulatory and partner consents in respect of the farm-out of a 25% interest in Licence P2437, containing the Selene Prospect, to Dana Petroleum (E&P) Limited ("Dana") which was announced on 7 February 2024.  The farm-out has therefore completed.

 

This transaction, in combination with the existing Shell UK Ltd ("Shell") carry, results in Deltic retaining a 25% non-operated interest in Licence P2437 and having no exposure to 2024 drilling and testing costs up to a cost cap of USD$49M (gross), which is in excess of current success case well cost estimates provided by the Operator.

 

Following the announcement of the rig contract for the Valaris 123 on 5 February 2024, the Selene well remains on track, with operations expected to commence in July 2024.

 

Graham Swindells, Chief Executive of Deltic Energy, commented:    

 

"We are delighted to announce completion of the farm-out of Licence P2437 and formally welcome Dana to the joint venture. Well planning remains on schedule and we are looking forward to commencing Selene well operations with Shell and Dana in the summer. Our attention is now firmly focussed on drawing the Pensacola farm-out process to a successful conclusion and we look forward to updating the market in due course."

 

**ENDS**

 

For further information please contact the following:

 

Deltic Energy Plc                                   

Tel: +44 (0) 20 7887 2630 

Graham Swindells / Andrew Nunn / Sarah McLeod          


 

Allenby Capital Limited (Nominated Adviser)                                                 

  

Tel: +44 (0) 20 3328 5656

David Hart / Alex Brearley (Corporate Finance)


 

Stifel Nicolaus Europe Limited (Joint Broker)                                                 

  

Tel: +44 (0) 20 7710 7600

Callum Stewart / Simon Mensley / Ashton Clanfield


 

Canaccord Genuity Limited (Joint Broker)

Adam James / Ana Ercegovic

 

  

Tel: +44 (0) 20 7523 8000

Vigo Consulting (IR Adviser)                                        

Tel: +44 (0) 20 7390 0230

Patrick d'Ancona / Finlay Thomson / Kendall Hill 


 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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