Deltic Energy PLC P2252 Update -- 3D Seismic Processing (9743V)
13 August 2020 - 4:00PM
UK Regulatory
TIDMDELT
RNS Number : 9743V
Deltic Energy PLC
13 August 2020
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 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
13 August 2020
Deltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural
Resources
Deltic Energy Plc
('Deltic' or 'the Company')
P2252 Update - 3D Seismic Processing
Deltic 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 Shell, the Operator of Licence P2252, has delivered
the processed 3D seismic data over the Pensacola Zechstein Reef
prospect.
This broadband, pre-stack depth migration (Pre-SDM) data
includes the new Bluewater seismic data, acquired with Shell in
August 2019, merged with reprocessed legacy 3D data. The
application of proprietary advanced processing technologies has
delivered a robust image over the Pensacola prospect.
The Deltic-Shell partnership is now working on updating the
interpretation of the Pensacola structure and is committed to
meeting its timelines under the licence terms, including the
Contingent Well Commitment becoming firm on 1 December 2020. Under
the terms of the farm-out agreement with Shell, 100% of Deltic's
costs including seismic acquisition, processing and technical
workflows to support a well investment decision are being carried
by Shell.
The Pensacola Reef is a significant undrilled structure which
appears to be highly analogous to the Ossian prospect which was
tested by the Darach Central-1 well, located approximately 45km to
the east of Pensacola. The well was successfully drilled and tested
by ONE Dyas in 2019 and clearly demonstrated the potential for high
quality reservoirs to be present within Zechstein carbonates
offshore.
Commenting Graham Swindells, CEO of Deltic, said:
"It is great to get this new data over the Pensacola prospect
and we are looking forward to continuing our work with Shell to
progress the prospect towards drilling, which we expect to take
place in the second half of 2021. Shell's ability to redirect the
required expertise, technologies and resources to this complex
processing and interpretation project, while maintaining the
original timeline, demonstrates the value of having such a
high-quality partner when working on an emerging play like
Pensacola."
**ENDS**
For further information please contact the following:
Deltic Energy Plc Tel: +44 (0) 20 7887
2630
Graham Swindells / Andrew Nunn / Sarah McLeod
Allenby Capital Limited Tel: +44 (0) 20 3328
(Nominated Adviser and Joint Broker) 5656
David Hart / Alex Brearley / Asha Chotai
(Corporate Finance)
Kelly Gardiner (Sales)
Stifel Nicolaus Europe Limited Tel: +44 (0) 20 7710
(Joint Broker) 7600
Callum Stewart / Simon Mensley / Ashton
Clanfield
Vigo Communications Tel: +44 (0) 20 7390
(PR & IR Adviser) 0230
Patrick d'Ancona / Chris McMahon / Simon
Woods
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END
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