Deltic Energy plc said drilling had started on the Selene exploration well in the Southern North Sea.
FARM-OUTS
Partner and operator Shell UK Ltd expects operations on well 48/8b-3 within licence P2437 to take 90 days.
Deltic estimates the Selene gas structure contains gross P50 prospective resources of 318 bcf in the Leman Sandstone reservoir.
The company is carried for its 25% working interest up to a gross success well cost of US$49 million, following farm-outs to Shell in 2019 and Dana Petroleum (E&P) Ltd earlier this year.