Deltic Energy firmly focused on North Sea opportunities

  • Deltic Energy lands exploration partnership with Cairn Energy
  • Deltic Energy tipped to rise 57% as Shell greenlights Pensacola well
  • Deltic Energy confirm positive well investment decision from Shell to test Pensacola prospect
Deltic Energy PLC -

Quick facts: Deltic Energy PLC


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Deltic Energy Plc is a London based oil and gas exploration business investing in the UK’s proven hydrocarbon provinces where it currently holds significant equity positions in a number of highly prospective licences in the Southern and Central North Sea.

12 Aug 2021

() () has struck a farm-out deal with () () 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.

“This agreement represents the commencement of a wide-ranging partnership with Cairn, whose successful history of opening up new basins is aligned with our exploration-focused strategy,” said chief executive Graham Swindells.

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24 May 2021

() noted that Fugro GB North Marine Ltd has been hired to conduct a geophysical and geotechnical site survey ahead of the planned drilling of the Pensacola exploration well.

The survey programme is slated for July, before drilling which is anticipated in 2022.

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19 Apr 2021

() highlighted significant progress with its natural gas-focused exploration strategy, as it released results for 2020.

The company’s prospects were boosted recently with confirmation in March that Shell had ‘greenlit’ plans for the Pensacola exploration well which is slated to be drill next year.

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29 Mar 2021

Investors in () 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.

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30 Mar 2021

‘s Graham Swindells joins Proactive London to explain their deal with Shell UK Ltd to drill the high impact Pensacola prospect on Licence P2252 in the UK Southern North Sea.

Swindells says this is ‘fantastic news both for our company and our shareholders and it’s testament to our technical team to bring this prospect to fruition’.

Shell and Deltic have confirmed to The Oil and Gas Authority the contingent well commitment is now firm.

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