Deltic Energy PLC (AIM:DELT) CEO Andrew Nunn talked with Proactive about the company's recent success at its Selene gas prospect in the southern North Sea. Nunn shared that the drilling revealed higher-than-expected porosity and permeability in the reservoir, boosting the potential for simpler and more efficient development. “The results we’re seeing from the logging suggest that we’ve got much higher porosity and permeability than what we expected pre-drill,” he explained. This translates to better production rates and may mean fewer wells are required.
Shell, the operator of the Selene prospect, along with partner Dana, brings strong expertise to the project, which is expected to proceed with a straightforward and low-cost development plan. The Selene project offers significant potential, even with a slightly lower-than-anticipated recoverable resource of 131 billion cubic feet.
Nunn emphasised that the resource quality supports a "very commercial" project for the basin. Next steps involve post-well analysis, with the aim of reaching a field development investment decision in 18 months to two years. Nunn also hinted at Deltic Energy’s broader ambitions, with the company exploring international opportunities for expansion.