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UK: Deltic Energy announces final results for the year ended 31 December 2023


18 Apr 2024

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Deltic Energy, the AIM-quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern North Sea ('SNS') has announced its audited results for the year ended 31 December 2023 ('FY 2023') and has released an updated corporate presentation. The corporate presentation is available on the homepage at the Company's website: www.delticenergy.com.  

Highlights

  • Drilling of Pensacola prospect resulted in the largest discovery in the Southern North Sea in the last decade, at the upper end of our pre-drill estimates
  • RPS Energy Ltd ("RPS") independently assessed Pensacola on the basis of a combined gas and oil case, estimating a gross 2C contingent resource of 72.6 mmboe (21.8 mmboe net to Deltic) and in the gas only case gross 2C contingent resource of 50 mmboe (15 mmboe net to Deltic)
  • RPS also estimated a Post tax NPV10 in the combined case of $683m (gross) or $205m net to Deltic and $663m (gross) in the gas only case or $199m net to Deltic
  • Planning has progressed for a well to be drilled with Shell over the Selene gas prospect followed by an appraisal well for Pensacola in the second half of 2024
  • Rig contract signed and structured such that both Selene and Pensacola will be drilled back to back using the Valaris 123, a heavy duty jack-up rig, expected to commence July 2024
  • Success in 33rd UK Licensing Round
  • Cash position of £5.6 million at 31 December 2023 (2022: £20.4 million) with no debt
  • Net cash outflow for the year of £14.8 million (2022: inflow £10.3 million) mainly for funding Pensacola exploration drilling and other exploration investments
  • Completed a farmout of the Selene prospect to Dana Petroleum post-period end with Deltic fully carried for the estimated cost of the success case well

Graham Swindells, Chief Executive of Deltic Energy, commented:

'2023 was a transformational year for Deltic following the Pensacola discovery in the Southern North Sea in February. As one of the area's biggest discoveries in the past ten years, this was a fantastic result for the Company and is testament to the hard work carried out in the years leading up to this point. We continue to prepare for an appraisal well on Pensacola in Q4 this year, which I believe will take us a step closer towards commerciality. During 2023 we also continued to progress our equally significant Selene exploration prospect, culminating in an excellent farmout in early 2024. We are now in the enviable position of drilling two consecutive wells in the second half of the year, with two world class partners in Shell and Dana.'

'I am delighted with the progress that Deltic made in 2023 and firmly believe we can continue on this trajectory throughout 2024. The UK needs to bolster its security of energy supply more than ever and I believe that Deltic will play a key role in this.'

Original announcement link

Source: Deltic Energy





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