The Pensacola prospect is a Z2 Zechstein reef partially mapped on 3D seismic data and is analogous to similar structures identified on adjacent blocks. The reef is 15km long by 6km wide and clearly defined on 2D and 3D seismic and builds to more than 200m above the surrounding Z2 (Hauptdolomite) platform.

The Pensacola prospect may contain upto 982 BCF of gas initially in place with an estimated gross P50 recoverable resource of 309 BCF. A number of potential commercialisation options exist via the existing Breagh infrastructure or a new pipeline to Teesside.

Following the farm-in by Shell in early 2019, approx. 470km² of new broadband seismic was shot over the prospect and surrounding areas in August 2019. A well will be drilled on Pensacola in Q3 2022.

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.

On 8^th 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.