Deltic Energy PLC (AIM:DELT) has proven its ability to develop and add value to early-stage assets in the North Sea, according to City firm SP Angel.
The company’s interim results statement revealed that operator Shell will begin drilling the Pensacola prospect in October targeting a 309bn cubic feet (BCF) resource.
The Anglo-Dutch major has ‘farmed into’ a 70% interest in the Deltic-discovered asset and the two are partnered on another opportunity - the Selene prospect, which is estimated to host 318BCF of gas.
Deltic described both wells as potentially company-making making.
“Activity in the first half of the year has confirmed Deltic’s ability to identify early-stage opportunities and take them from licensing through to drilling whilst introducing high quality partners,” said SP Angel.
“Investors can now look forward to exposure to drilling of the fully funded high impact Pensacola exploration well in the fourth quarter.”