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Deltic Energy partner Shell has repeated commitment to drill

"I am very happy to report Shell's continued commitment to explore for gas with us at the high impact Pensacolap prospect," aid Graham Swindells, Deltic chief executive

Deltic Energy PLC - Deltic Energy partner Shell has repeated commitment to drill

Deltic Energy PLC (LON:DELT) told investors that Royal Dutch Shell PLC, operator of Licence P2252 in the North Sea, has confirmed its commitment to the drilling of a well on the Pensacola prospect in 2021.

Well planning including design work and rig scoping has already begun, the company added.

READ: Deltic expands North Sea footprint

It noted that Shell has been given a short extension for P2252, to the end of March, in light of the coronavirus (COVID-19) pandemic to allow analysis of seismic data ahead of a formal drill decision.

Deltic’s partner continues to carry 100% of Deltic's costs until the well investment decision is made.

"I am very happy to report Shell's continued commitment to explore for gas with us at the high impact Pensacolap prospect and that the well remains on track to be drilled in 2021,” said Graham Swindells, Deltic chief executive in a statement.

“The additional time granted will allow final work to be completed to ensure we get the best placed, best designed well to test this prospect - our work has only increased our excitement for a North Sea play that is proven in many parts of Europe.

“Despite the challenging times, the rigorous technical work means Pensacola has moved into well design and planning, while at the same time we have recently been provisionally awarded a series of new licences including the drill-ready Cadence Prospect in order to continue executing our strategy of building a 'conveyer belt' of North Sea exploration opportunities," he added.

Quick facts: Deltic Energy PLC

Price: 1.3175 GBX

AIM:DELT
Market: AIM
Market Cap: £18.52 m
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Deltic Energy announce Shell UK has reiterated commitment to drilling of...

Deltic Energy's (LON:DELT) Graham Swindells talks to Proactive London about their JV Partner Shell reiterating their commitment to drilling the highly prospective Pensacola prospect. Swindells makes it clear that the Pensacola well remains on schedule for drilling in 2021, with the well...

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