Southern North Sea-focused E&P company Deltic’s joint venture with Shell has now approved the work programme and budget allowing for drilling of the planned appraisal well in late 2024.
Meanwhile, at Selene, operator Shell has confirmed that the geotechnical site investigation works on the preferred exploration well location have been completed, with the vessel now demobilised from the site.
The results of this work will be incorporated into the operational drilling plan, with Deltic reporting today that the planned well at Selene remains on track for drilling in the third quarter of next year.
"With Deltic continuing to press on towards drilling at both Pensacola and Selene we continue to believe that a future farm-out or similar transaction has the potential to act as an extremely important share price catalyst in the meantime," said the broker.