By Kyle Morris

Shares in Deltic Energy PLC jumped 32% on Wednesday after the company said Shell PLC has encountered gas in the reservoir of the 41/05a-2 well on license P2252 and recommended that a full well-testing program be undertaken.

"We are very pleased to have encountered hydrocarbons in the Pensacola exploration well at this intermediate stage of well operations. We now look forward to working with the operator on the well testing program, and will update the market once that program is completed," Chief Executive Graham Swindells said.

Shell is the operator of exploration well in the Southern North Sea that is a joint venture between Shell, Deltic and ONE-Dyas.

Shares at 0855 GMT were up 0.63 pence at 2.60 pence.

Write to Kyle Morris at kyle.morris@dowjones.com

(END) Dow Jones Newswires

January 11, 2023 04:21 ET (09:21 GMT)

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