Deltic Energy Announces Interim Results

Source: www.gulfoilandgas.com 9/14/2021, Location: Europe

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 its interim results for the six months ended 30 June 2021.

Highlights

· Confirmation of first well to be drilled by Deltic on the Pensacola Prospect (Licence P2252)

o Deltic-Shell JV scheduled to drill Pensacola well in Q2 2022
o Well planning rapidly progressing with site survey commenced

· Transformational farm-out deal with Cairn Energy PLC ("Cairn") over five Deltic licences

o Introduction of Cairn further enhances Deltic's strong partner base
o Endorsement of the quality of Deltic's assets, technical team and strategy to identify opportunities and attract partners
o Will accelerate development of Deltic's core Southern North Sea (SNS) licences and see significant investment through to a drilling decision.

· 3D seismic survey over P2428, the Cupertino Area, has commenced

· The Company has retained a strong balance sheet with cash of £11.1m as at 30 June 2021 (30 June 2020: £12.8m)

· Loss for the period of £691,754 (six months to 30 June 2020: £869,505)

· Cash out flow for the period of £873,064 (six months to 30 June 2020: £1,030,654)

Graham Swindells, CEO, commented:
"I am extremely pleased with my team's achievements in 2021 so far, with great progress across the portfolio. The decision to drill Pensacola and transformational deal with Cairn have been particular highlights. Both demonstrate our strategy to build a diverse portfolio of opportunities and attract high quality partners. We are looking forward to commencing our partnership with Cairn, as well as continuing our work with Shell as we progress towards drilling our high impact SNS gas prospects. The next twelve months are set to be an exciting time for our company."


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