Business
Operational & Commercial Update
Operational & Commercial Update.
About this update from Deltic Energy Plc
[{"type":"text","content":"\n\n Deltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural Resources\n \n5 December 2023\n \nDeltic Energy Plc (\"Deltic\" or the \"Company\")\nOperational & Commercial Update\n \nDeltic Energy Plc, the AIM-quoted natural resources investing company with a high impact exploration, appraisal and development portfolio focused on the Southern North Sea (\"SNS\"), is pleased to provide a commercial and operational update.\n \nHighlights\n \n· Selene exploration well on track to be drilled in Q3 2024\n· Appraisal well planning underway on the Pensacola discovery, with the well scheduled for late 2024\n· Site survey work continues ahead of a two well drilling programme in 2024\n· Rig selection and contracting process for both wells is ongoing\n· Progress continues to be made on processes to realise value on Selene and Pensacola\n· Awaiting results of UK's 33rd licensing round\n \n2024 Drilling Programme\n \nThe Company is pleased to report that preparatory works for both the Selene and Pensacola wells, due to be drilled in 2024, are progressing according to plan.\n \nSelene\n \nThe first of the two wells to be drilled in 2024 is an exploration well on the Selene gas prospect on Licence P2437. The initial geophysical site survey on Selene was completed during the summer and the data acquired used to inform the geotechnical survey which is due to commence in the first half of December 2023. The site surveys are designed to ensure the safe installation of the rig at the selected well location. The site surveys are another key step on the path to drilling this high impact, low risk prospect.\n \nThe Selene prospect is considered one of the largest unappraised structures in the Leman Sandstone fairway of the Southern Gas Basin and Deltic estimates Selene to contain gross P50 Prospective Resources of 318 BCF of gas (with a P90 to P10 range of 132 to 581 BCF) with a geological chance of success of 70 per cent. \n \nFollowing completion of the well design process, critical long lead items including casing have been identified and procurement processes are advanced. Accordingly, Selene remains on track to be drilled in Q3 2024.\n \nPensacola\n \nThe oi...