Deltic Energy plc reported a 33% increase in gross 2C resources of 174 billion cubic feet at the Selene gas joint venture in the UK Southern North Sea.
DEVELOPMENT
Partner and operator Shell (UK) Ltd analysed 176 core plugs taken from drill core samples over the Leman B-Sand, the “key producing interval within the much thicker Leman Sandstone package”.
Results indicate “significantly better porosity and permeability” than previously believed in Deltic’s P50 volumetric estimates and reservoir modelling.
The company continues to find funding to maintain its 25% interest in the prospect which is due to have a final investment decision in early 2027.
Chief executive officer Andrew Nunn added that the Selene asset continued to impress.
“This updated understanding will be critical as the JV moves forward into project scoping and early project design workflows.
“With continued government support for the development of new fields on existing licences there appears to have been a realisation that, while we continue to consume hydrocarbons as a society, then the focus should be on maximising the proportion of ‘good barrels’ in the energy mix.
“These barrels are, or will be, produced locally and, in the case of newer developments, from facilities which are specifically designed with a net zero target in mind.”