Deltic Energy makes progress at Pensacola, Selene

Southern North Sea natural resources investor Deltic Energy updated the market on its Pensacola and Selene projects on Monday.

The AIM-traded firm said that at Pensacola, the joint venture (JV) had reached a pivotal milestone by finalising a positive well investment decision for licence P2252.

Additionally, it approved the 2024 work programme and budget, clearing the path for the drilling of the Pensacola appraisal well in late 2024.

Turning to the Selene project, the operator Shell UK reported the successful completion of geotechnical site investigation works at the preferred surface location for the exploration well.

Subsequently, the vessel had been demobilised from the site.

The company said the findings would be integrated into the operational drilling plan, with the Selene well on schedule for drilling in the third quarter of next year.

At 1017 GMT, shares in Deltic Energy were down 0.6% at 21.62p.

Reporting by Josh White for Sharecast.com.