Deltic Energy plc remained debt free during 2020 while making technical progress with its gas licences in the Southern and Central North Sea.
In its full year results ended 31 December 2020, the company reported net cash outflow from operations and investing activity of £1.8m (2019: £1.8m), and a cash position of £12m (2019: £13.8m) following an increase in tangible assets.
The company’s intangible assets rose to £1,430,915 (2019: £1,127,942) reflecting the development of its exploration portfolio and in particular the technical enhancements with licence 2437 (Selene prospect), licence P2428 (Cupertino prospect) and licence P2424 (Cortez prospect).
Losses fell to £1,665,575 compared with £2,360,248 for 2019.
Deltic was fully carried during the year for costs associated with the P2252 licence (Pensacola prospect).
OPERATIONS
The company was awarded six new licences in UK’s 32nd Licensing Round including the previously held Cadence prospect (blocks 43/11 and 43/12)
It also continued to make technical progress on Pensacola, Selene, Cupertino Area and Cortez prospects and with Shell UK joint venture.
Deltic added it intended to evaluate other potential oil and gas projects to increase its portfolio. The company is likely to invest in either a small number of projects or one large investment.