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Pensacola Resource Estimate Significant Increase
Pensacola Resource Estimate Significant Increase.
About this update from Deltic Energy Plc
[{"type":"text","content":"\n\n12 July 2023\n \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018 (\"UK MAR\"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \nDeltic Energy Plc (\"Deltic\" or \"the Company\")\nSignificant increase in Pensacola Resource Estimate\n \nDeltic Energy Plc today announces a significant increase in its estimate of oil and gas resources for the Pensacola discovery on Licence P2252 (Deltic WI: 30%). This increase, based on Deltic's post well analysis, is nearly double initial expectations.\n \nHighlights\n \n· Following post well analysis, Deltic now estimates the Pensacola structure to contain gross P50 initially in place volumes of gas and oil of 342 million barrels of oil equivalent.\n \n· This analysis indicates Pensacola may contain almost double the volume of recoverable gas and oil than originally thought, with Deltic now estimating total gross P50 Estimated Ultimate Recovery ('EUR') of c.99mmboe, up from 50mmboe immediately after well completion.\n \n· Significantly, Deltic now estimates Pensacola contains material volumes of oil, representing c. 30% of the combined recoverable hydrocarbons.\n \n· Work is progressing with partners to develop the appraisal and development programme for Pensacola with an appraisal well continued to be targeted for late 2024.\n \n· Deltic is pursuing monetisation options for the discovery in line with its strategy.\n \n \nGraham Swindells, Chief Executive of Deltic Energy, commented: \n \n\"The Pensacola oil and gas discovery is transformational for Deltic. Well data indicates that Pensacola contains close to double our original estimate, representing one of the most significant discoveries in the North Sea in many years.\"\n \n\"This is an outstanding result for Deltic. Our success to date reinforces the quality of our technical team and the Deltic model of taking licences from award through to succes...