Deltic Energy plc has withdrawn from the southern North Sea Pensacola discovery after being unable to find funding or a farm-in partner. INFRASTRUCTURE Operator Shell UK Ltd last week allowed more time to secure a solution for its 30% interest in licence P2252, but Deltic today said it was could not commit to an appraisal […]
Tag: Deltic Energy plc
Deltic given more time to find Pensacola partner
Deltic Energy plc has been granted more time to find a farm-in partner for the southern North Sea licence P2252 containing the Pensacola gas discovery. APPRAISAL The company had until the end of May to find £15 million for its share of the costs or withdraw from its 30% licence interest. Deltic today said that […]
Deltic mulls gas licence awards
Deltic Energy plc said it would consider whether to accept the two southern North Sea gas basin licences provisionally awarded in the UK 33rd offshore licensing round. PENSACOLA Containing “a mixture of small discoveries and low risk, infrastructure led exploration prospects”, Blackadder comprises blocks 47/5b, 47/10c and 48/6c while NE SNS consists of 43/2b, 43/3b, 43/4b, […]
Deltic risks losing Pensacola without funds
Deltic Energy plc needs to find £15 million for its share of costs for the Pensacola discovery or withdraw from the project if it fails to find a farm-in partner by the end of May. CAPITAL The company also warned it might not be able to obtain alternative sources of capital or on acceptable terms. […]
Deltic remains committed to UK exploration
Deltic Energy plc remains committed to exploration within the UK despite political and fiscal challenges and uncertainly from the Energy Profits Levy (EPL). PORTFOLIO Chief executive Graham Swindells said that the EPL continued the “attractiveness” of investing in the company’s projects which drew tax relief. “Nonetheless, the existence of the EPL does nothing for investor […]
Deltic completes 25% Selene farm-out to Dana
Deltic Energy plc has completed its 25% farm-out of southern North Sea licence P2437, containing the Selene gas prospect, to Dana Petroleum (E&P) Ltd. JOINT VENTURE The prospect holds gross P50 prospective resources of 318 bcf over 228km2, being “one of the largest undrilled structures in the world class Permian Leman Sandstone Fairway”. The transaction, […]