News Oil & Gas

Deltic given more time to find Pensacola partner

Posted on Author editorial Comment(1)

Deltic Energy plc has been granted more time to find a farm-in partner for the southern North Sea licence P2252 containing the Pensacola gas discovery.  

Uncertain: discussions must be concluded within the timeframe (stock photo)

APPRAISAL

The company had until the end of May to find £15 million for its share of the costs or withdraw from its 30% licence interest.

Deltic today said that operator Shell UK Ltd had given it until 12 June to progress discussions with potential partners.

“There is however no guarantee that discussions will be concluded successfully within that timeframe and, in such circumstances, Deltic will be required to withdraw from the Pensacola licence and transfer its interest in Pensacola to its joint venture partners,” it added.

Shell is due to drill an appraisal well on the licence later this year.

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