Deltic Energy plc has been refused more time to find a new partner to develop licence P2567, Cadence, in the southern North Sea.
CADENCE-CUPERTINO
In July, the company said it planned to retain P2567 and P2428 (Cupertino) subject to the North Sea Transition Authority granting more time to find a new partner after Capricorn Energy plc withdrew.
Both gas licences have undergone a near $10 million technical work programme, funded by Capricorn, including nearly 700km2 of new 3D seismic and reprocessing of a number of legacy 3D seismic surveys.
Deltic today said that the NSTA had since ruled against an extension to P2567, which the company subsequently relinquished on 30 November 2023.
“The company may consider reapplying for this licence in the next UK licensing round and, with the benefit of the extensive technical work carried out over the last couple of years, the company should be well placed to be re-awarded this licence.
“Deltic continues to seek an alternative partner in relation to P2428 where the current phase of the licence is currently due to end on 31 March 2024.”