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Deltic Energy extremely pleased with progress in North Sea

“The next twelve months are set to be an exciting time for our company," Graham Swindells said

Deltic Energy PLC - Deltic Energy extremely pleased with progress in North Sea

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.

During the first half, Shell confirmed it would drill Pensacola in the second quarter of 2022, and today Deltic noted that well planning has rapidly progressed and a site survey has begun.

“The decision to drill Pensacola and transformational deal with Cairn have been particular highlights,” Swindells said. “Both demonstrate our strategy to build a diverse portfolio of opportunities and attract high quality partners.

“We are looking forward to commencing our partnership with Cairn, as well as continuing our work with Shell as we progress towards drilling our high impact SNS gas prospects.

“The next twelve months are set to be an exciting time for our company."

Deltic’s financials confirmed a strong balance sheet, with £11.1mln of cash at the end of June. The pre-revenue firm reported a £691,754 loss for the six month period.

Quick facts: Deltic Energy PLC


Price: 2.2 GBX

Market Cap: £30.93 m

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