Business
Positive Well Investment Decision on Selene
Positive Well Investment Decision on Selene.
About this update from Deltic Energy Plc
[{"type":"text","content":"\n \n \n The 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\n \n which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018 (\"UK MAR\")\n \n . With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n \n \n \n 26 July 2022\n \n \n \n \n \n Deltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural Resources\n \n \n \n \n \n Deltic Energy Plc (\"Deltic\" or \"the Company\")\n \n \n \n \n \n Positive Well Investment Decision on Selene\n \n \n \n \n \n Deltic Energy Plc is pleased to confirm that it and Shell U.K. Limited (\"Shell\"), its Joint Venture Partner on Licence P2437 (the \"Licence\"), have made a positive well investment decision to drill the high impact Selene Gas Prospect on Licence P2347 situated in the UK Southern North Sea off the North East coast of England. \n \n \n The UK industry's regulator (North Sea Transition Authority) has been informed of the well investment decision which will facilitate the Licence entering its next phase. While the timing of a well slot has yet to be confirmed and will be subject to drilling schedules, this is expected to be firmed up as the Joint Venture progresses its well planning.\n \n \n Under the terms of the original farm-out with Shell, Deltic holds a 50% working interest in the Licence but will be carried for 75% of the costs of drilling and testing the well on the Selene prospect, up to $25 million and, as a result of the well investment decision, Shell will be appointed Operator of the Licence.\n \n \n The Selene Prospect is 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%. \n \n \n \n With technical and commercial evaluation complete, the Deltic team looks forward to progressing into this next phase as the Joint Venture now moves on\n to detailed well design, planning, rig procurement and other key preparations to support drilling operations.\n \n \n \n \n \n ...