Deltic Energy’s latest update was very encouraging according to Shore Capital, especially confirmation that the Selene exploration well in the Southern North Sea is on track for drilling in the third quarter of next year.
At Pensacola, appraisal well planning is underway, with the intended well here scheduled for late calendar 2024.
Both drilling schedules are consistent with the expected schedule
Site survey work continues ahead of next year’s two-well drilling programme, with rig selection and contracting process for both wells ongoing.
Deltic is waiting for results from the latest UK offshore licencing round, but adds it is seeing lots of interest in Pensacola and Selene from potential industry partners.
Shore Capital said: “We continue to believe that a future farm-out or similar transaction has the potential to act as an extremely important share price catalyst.”
Shares rose 1% to 23.5p.