P2252 – Pensacola

The Pensacola discovery is one of the most significant discoveries in the Southern Gas Basin for a number of years. Deltic estimates that the Zechstein carbonate reservoir contains gross P50 ultimately recoverable oil and gas resources of nearly 100mmboe.  Following Shell’s farm-in in 2019, the 2023 discovery well was operated by Shell, and flowed both oil and gas to surface.  The partnership is currently targeting appraisal drilling in late 2024 to support the maturation of the field development plan.

Block Details
Licence No: P2252
Blocks: 41/5a, 41/10a, 42/1a
Area: 214.4km2
Equity position: 30%
Operator: Shell U.K. Limited

Pensacola Reef Discovery

The Pensacola discovery is a Hauptdolomite Fm, Zechstein aged reef. The reef is 15km long by 6km wide and builds to more than 200m above its surroundings. It is clearly defined on the proprietary Bluewater 3D seismic survey that was shot by the partnership in 2019.

The Zechstein reef play has been overlooked in the UKCS but recently there has been significant exploration success in this emerging play with similar nearby structures at Darach and Crosgan both successfully flowing hydrocarbons to surface on test.

Drilled in December 2022 by the 41/05a- 2 well, gas and oil were flowed in a well test in January 2023, proving up a gas cap of 320bcf (P50 EUR) and a prospective down dip oil leg of 30mmbls (P50 EUR). This significant success is being analysed by the P2252 partnership with a view to drilling a further appraisal well in late 2024.

Deltic has commenced a formal process to pursue the value crystallisation options that exist for the Pensacola discovery which may involve monetisation and/or farm down of its equity interest in the Pensacola discovery.

Shell U.K. Ltd Farm-in to P2252

On 8th February 2019 the Company announced that Shell U.K. Ltd were farming into Licence P2252 and the Pensacola prospect. Following completion of the transaction in Q2 2019 Deltic have transferred Operatorship and a 70% working interest in Licence P2252 to Shell in return for Shell funding 100% of the costs of a >400km2 3D seismic acquisition programme over Pensacola which was completed in the summer of 2019.

Shell also funded the associated processing of the acquired data and various petro-technical studies which resulted in a positive well investment decision in March 2021. Costs associated with exploration well will be split in-line with working interest.

Resource Summary


Licence Ref DELT Equity Project Type PRMS Status Units
Net Prospective Resource (BCF)
  P90 P50 P10
P2252 30% Pensacola (Gas ) Hauptdolomite Reef Discovery BCF 198 320 499
Pensacola (Oil) MMBO 11 30 67
Pensacola (Non Assc. Gas) BCF 24 95 272
Combined Total MMBOE 48 99 196