Deltic Energy, the AIM-quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern and Central North Sea, has been informed by the Licence Operator, Shell U.K. that site survey works associated with the Selene exploration well location have commenced.
Shell has confirmed that a geophysical site survey vessel has been mobilised to acquire high resolution 2D seismic lines over the proposed well location. The seismic acquisition is expected to be completed before the end of August. The data acquired will then be used to inform the geotechnical survey which will further assist in determining exact location and placement of the rig.
Graham Swindells, Chief Executive of Deltic Energy, commented:
'The commencement of the site survey on Selene is another important step on the path to drilling this high impact, low risk prospect in the Southern North Sea. We are looking forward to working with Shell as we continue to progress the well design prior to the scheduled drilling operations in mid-2024.'
Background
The Selene Prospect in Southern North Sea Block 48/8b (Licence P2437) is considered 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%.
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 gross well cost of USD$25 million.
Source: Deltic Energy
