Deltic Energy PLC (AIM:DELT)’s results were a straightforward set of numbers, says broker Stifel, but confirmed the expected outlay for the Pensacola discovery.
“By farming out a number of prospects and then delivering a successful result with Pensacola, Deltic has done what many exploration companies have struggled to do in the past.”
The upcoming Selene exploration well should be an exciting event, adds Stifel, as will the potential "value crystallisation events" such as a Pensacola appraisal well and possible farm-out ahead of that.
Shares were flat at 29.5p.