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Deltic Energy Update on Southern North Sea Gas Portfolio

Gasoil News - Published on Fri, 18 Sep 2020

Image Source: Deltic Energy
Deltic Energy has provided additional information in relation to the licences that it was provisionally awarded in the UK's 32nd Offshore Licensing Round, as announced on 3 September 2020. The awards have further strengthened the Company's Southern North Sea licence position and include six new licences comprising twelve full and part blocks covering an area of 2,155.5 square kilometers. These new licence awards in the Southern North Sea Gas Basin are a key part of the Company's exploration focussed strategy which is based upon a steady conveyor belt of licences which can be matured and feed a long-term programme of exploration wells with any discoveries supporting the longevity of existing infrastructure and the development of new gas production hubs.

In core area of the SNS, which is focussed on the Carboniferous and Zechstein play fairway, the Company has been awarded four additional licences incorporating nine full and part blocks. Combined with our existing licence position, these new awards enhance the Company's strong strategic position, controlling over 2,733 square kilometers of contiguous licences stretching from south of the Breagh gas field to the Cupertino area located to the west of the Cygnus gas field. All four new licences in this core area are being awarded to Deltic on a 100% working interest basis which provides maximum flexibility from which to farm down.

Of particular significance is the re-award of block 43/11, previously held by the Company as licence P2248, and the adjacent block 43/12b which are located immediately to the north of the Pegasus and Andromeda discoveries which are operated by Spirit Energy. Blocks 43/11 and 43/12b are highly prospective with multiple prospects mapped in both the Carboniferous and the Triassic Bunter Sandstone, a number of which were the subject of a Competent Person's Report commissioned by the Company in 2016.

During the most recent licence application process, the Company worked extensively on the seismic data and other datasets to enhance our understanding of this area which has resulted in a more robust interpretation over the intra-Carboniferous Cadence prospect and the identification of additional prospectivity beneath the Base Permian Unconformity. We believe this BPU prospect, the Cordova prospect, is highly analogous to the recent Andromeda North discovery which was drilled by Spirit Energy in 2019 on the block immediately to the south of 43/12b.

The Company believes that the extensive previous and recent work on the Cadence prospect means it is effectively drill ready, allowing the potential to immediately introduce a partner and potentially fast-track towards drilling. A summary of the prospects identified on blocks 43/11 and 43/12b are presented below:

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Posted By : Yogender Pancholi on Fri, 18 Sep 2020
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