Deltic Energy PLC (AIM:DELT) CEO Graham Swindells visits the Proactive London studio to speak with Thomas Warner after announcing that the London-based oil and gas exploration business has achieved a major upgrade to resources estimates for the Shell-operated Pensacola discovery in the North Sea.
Swindells provides some more detail on what he calls a "very significant upgrade in resources" at the discovery, with a near-doubling of resource estimates to 99 million barrels of recoverable oil equivalent.
He highlights the extensive lab analysis and interpretation work that contributed to the findings, confirming the existence of high-quality reservoirs and the potential for commercial flow rates.
He describes Pensacola as the largest discovery in the southern North Sea in over a decade and says Deltic is now focused on the appraisal and development phase, with an appraisal well scheduled for the end of next year.
Swindells also mentioned other exciting prospects in their portfolio, including the upcoming drilling of the Selene prospect and the application for additional licenses.