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Deltic Energy receives latest seismic data for Pensacola prospect in North Sea

"We are looking forward to continuing our work with Shell to progress the prospect towards drilling, which we expect to take place in the second half of 2021,” said chief executive Graham Swindells

Deltic Energy PLC - Deltic Energy receives latest seismic data for Pensacola prospect in North Sea

Deltic Energy PLC (LON:DELT) told investors that its partner in the North Sea, Royal Dutch Shell Plc (LON:RDSB), has provided processed 3D seismic data over the Pensacola Zechstein Reef prospect.

The data package includes new Bluewater seismic data, acquired by Shell in August 2019, which has been merged with reprocessed legacy 3D data.

Proprietary advanced processing technologies delivered a robust image over the Pensacola prospect and the partners will now update their interpretation of the prospect, Deltic said.

READ: Deltic Energy reveals significant upgrade to Selene prospect

"It is great to get this new data over the Pensacola prospect and we are looking forward to continuing our work with Shell to progress the prospect towards drilling, which we expect to take place in the second half of 2021,” Graham Swindells, Deltic chief executive said in a statement.

“Shell's ability to redirect the required expertise, technologies and resources to this complex processing and interpretation project, while maintaining the original timeline, demonstrates the value of having such a high-quality partner when working on an emerging play like Pensacola."

Deltic noted that the partners are committed to meeting timelines set in the licence terms, which include a contingent well commitment becoming firm in December.

The AIM-quoted firm, meanwhile, also highlighted that the Pensacola Reef is a significant undrilled structure which appears to be highly analogous to the Ossian prospect – drilled 45 kilometres away by ONE Dyas in 2019, and demonstrated potential for high-quality reservoirs to be present within Zechstein carbonates.

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Price: 1.2 GBX

AIM:DELT
Market: AIM
Market Cap: £16.87 m
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