leadf
logo-loader
viewDeltic Energy PLC
(
AIM:DELTFRA:7RC
)

Deltic Energy firmly focused on North Sea opportunities

Snapshot

  • Deltic Energy and Shell complete well site survey in North Sea
  • Deltic Energy tipped to rise 57% as Shell greenlights Pensacola well
  • Deltic Energy present details of farm-out deal with Cairn Energy PLC and how it benefits the firm
Deltic Energy PLC -

Quick facts: Deltic Energy PLC

Follow
AIM:DELT

Price: 2.0698 GBX

Market Cap: £29.1 m

About the company

Deltic Energy PLC is a London based oil and gas exploration business investing in the UK’s proven hydrocarbon provinces.

The company currently holds significant equity positions in a number of highly prospective licences in the Southern and Central North Sea.

How it is doing

20 Sep 2021

Deltic Energy PLC (AIM:DELT, FRA:7RC) told investors that its partner, Royal Dutch Shell (NYSE:RDS.A) PLC, has completed a geophysical site survey over the planned Pensacola exploration well location in the Southern North Sea.

The survey was completed on time and without incident, it noted.

The programme’s findings will be interpreted and, if needed, a second geotechnical phase will take place before the end of the year, including the collection of samples from the seabed.

"The completion of the site survey on Pensacola is a key part of the well planning process and represents another important milestone as the Deltic-Shell JV continues the preparatory works in advance of drilling,” said chief executive Graham Swindells.

14 Sep 2021

Deltic Energy PLC (AIM:DELT, FRA:7RC) chief executive Graham Swindells said he is extremely pleased with 2021 so far, as the North Sea company has seen great progress across its portfolio.

The comments, in Tuesday’s interim results statement, come as the company looks forward to the drilling of the Shell operated Pensacola exploration well and as a recently agreed joint venture with Cairn Energy is advancing exploration activities.

10 Sep 2021

Deltic Energy PLC (AIM:DELT, FRA:7RC) said a seismic exploration programme is set to kick off in its North Sea acreage, which was the subject of a farm-out to Cairn Energy recently.

ION Geophysical, the contractor for the programme, has now mobilised its vessel to the site and it expects to start the survey on Saturday. The programme is expected to run for six to seven weeks, with processed data due by mid-2022.

What the brokers say

29 Mar 2021

Investors in Deltic Energy PLC (LON:DELT) can now look forward to a ‘high-impact event’ now that Shell has confirmed the schedule for the Pensacola exploration well, according to Stifel.

The stockbroker repeated a ‘buy’ recommendation and hiked its target price to 2.7p (from 2.2p) suggesting some 57% upside to the current market price of 1.76p per share.

“Confirmation of a positive well investment decision from Shell to test the Pensacola prospect is a very welcome outcome and is the next important step in Deltic's evolution,” analyst Chris McMahon said in a note.

What management says

18 Aug 2021

Graham Swindells, CEO of Deltic Energy PLC (AIM:DELT) (LON:CLNR) explains to Proactive London how the company will benefit from a farm-out deal with Cairn Energy PLC (LSE:CNE) (LSE:CNE) (LSE:CNE) for five licences in the Southern North Sea.

Cairn will acquire between 60% and 70% of the licences and it will cover 100% of the agreed work programmes for each of the five licences. If the exploration assets advance to drilling, Cairn will cover 70% of the costs of the first well up to a maximum US$25mln.

Deltic will receive US$1mln upfront, representing a contribution towards historic back costs.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...

FOR OUR FULL DISCLAIMER CLICK HERE

Deltic Energy present details of farm-out deal with Cairn Energy PLC and how...

Graham Swindells, CEO of Deltic Energy PLC (AIM:DELT) (LON:CLNR) explains to Proactive London how the company will benefit from a farm-out deal with Cairn Energy PLC (LSE:CNE) (LSE:CNE) (LSE:CNE) for five licences in the Southern North Sea. Cairn will acquire between 60% and 70% of the...

on 18/8/21

2 min read