Deltic Energy plc said the estimated oil and gas resources have nearly doubled for the joint venture (JV) Pensacola discovery on licence P2252 in the UK North Sea.
ANALYSIS
The company’s post-well analysis now estimates the structure to contain gross P50 initially in place volumes of gas and oil of 342 million barrels of oil equivalent.
Deltic (30% working interest) also estimates an increase of total gross P50 ultimate recovery from 50mmboe to approximately 99mmboe.
Shell-operated Pensacola is further estimated to contain material volumes of oil, representing 30% of combined recoverable hydrocarbons.
The JV partners are developing the appraisal and development programme for the discovery with an appraisal well still targted for late 2024.
MONETISATION
Chief executive officer Graham Swindells added that Pensacola was transformational for Deltic.
“Well data indicates that Pensacola contains close to double our original estimate, representing one of the most significant discoveries in the North Sea in many years.
“This is an outstanding result for Deltic.
“With the significant additions to our resource base, we will also continue to pursue monetisation options in line with our stated strategy.”
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