Deltic Energy plc remained debt free during 2020 while making technical progress with its gas licences in the southern and central North Sea.
OPERATIONS
Results ended 31 December 2020 showed a decrease in the company’s cash position to £12m (2019: £13.8m).
The company’s intangible assets rose to £1,430,915 (2019: £1,127,942) reflecting the development of its exploration portfolio.
Work included “technical enhancements” with licences 2437 containing the Selene prospect; P2428, Cupertino; and P2424, Cortez.
Losses decreased to £1,665,575 compared with £2,360,248 for 2019.
Deltic was fully carried during the year for costs associated with licence P2252, containing the Pensacola prospect.
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)
Technical progress also continued on the Pensacola, Selene, Cupertino Area and Cortez prospects and with the Shell (UK) Ltd joint venture.
The company intends to evaluate potential additional oil and gas projects and is likely to invest in either a small number of projects or one large investment.