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Deltic Energy present details of farm-out deal with Cairn Energy PLC and how it benefits the firm

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.

Quick facts: Deltic Energy PLC


Price: 2.2 GBX

Market Cap: £30.93 m

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