Business
Selene Drilling Operations – Rig Mobilisation
Selene Drilling Operations – Rig Mobilisation.
About this update from Deltic Energy Plc
[{"type":"text","content":"\n\n \nDeltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural Resources\n \n23 July 2024\n \n\n \nDeltic Energy Plc (\"Deltic\" or \"the Company\")\nSelene Drilling Operations - Rig Mobilisation\n \nDeltic Energy Plc, the AIM quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern and Central North Sea, is pleased to announce that the Valaris 123 drilling unit has been mobilised and is on route to the Selene well location.\n \nShell UK Ltd (\"Shell\"), in its role as Operator of Licence P2437, has informed Deltic that the Valaris 123 drilling unit was mobilised on 21 July from its current location in the Central North Sea, and is anticipated to arrive at the Selene well location in the Southern North Sea shortly, depending on weather conditions encountered during transit. Drilling operations are expected to commence shortly thereafter, with planned operations lasting approximately 90 days. The Company will make a further announcement once drilling has commenced.\n \nThe well is designed to collect all key information in relation to reservoir quality and gas composition that is required to support, assuming a successful drilling outcome, a field development plan and final investment decision on the potential development of the Selene gas field without the requirement for a further appraisal well. The Joint Venture has therefore determined there is no requirement for a full well test as part of that process and, in line with normal oilfield practice, the well will accordingly be plugged and abandoned on completion.\n \nDeltic estimates the Selene structure to contain gross P50 prospective resources of 318 BCF (P90-P10 Range of 132-581 BCF with GCoS of 69%) in the Leman Sandstone reservoir, which is the key reservoir interval in all adjacent gas fields including Barque, Clipper and West Sole.\n \nFollowing farm-outs to Shell in 2019 and Dana Petroleum (E&P) Limited (\"Dana\") in February 2024, Deltic is fully carried for its 25% working interest in the Selene well up to a gross success case well cost of USD$49M, which is in excess of the Operator's success case well Authorisation for Expenditure of USD$47M.\n \nGraham Swindells, CEO of Deltic, commented:\n \n\"We are excited to be commencing drilling o...