Focusing on high-impact gas exploration in the Southern North Sea
- First well resulted in major oil and gas discovery at Pensacola in January 2023
- Second well targeting large scale Selene gas prospect planned for Q3 2024
- Extensive prospect inventory has potential to deliver further wells
Exploration success at Pensacola provides strategic optionality
- Currently trading at discount to risked NAV despite success at Pensacola
- Deltic can leverage significant equity positions to reduce pre-production capital exposures
- Potential for near term value generation while retaining exposure to future production revenues
Developing relationships with world class JV partners
- Successfully attracted inward investment from Shell, Capricorn and Dana
- Allows Deltic to leverage the technical capabilities of major E&P companies
- Non-operated model keeps overheads low
Helping secure future domestic gas production in the UK
- Natural gas is a key part of the energy mix during the transition to Net Zero
- Domestic production has lower carbon emissions and is key for UK energy security
- UK production provides UK jobs and tax revenue
Why the North Sea?
Deltic’s focus remains on exploration and development activities on the United Kingdom Continental Shelf (UKCS), where we continue to see material value-creating upside, whilst also contributing to the UK’s energy security of supply.
We believe that domestically developed and produced hydrocarbons, in particular natural gas, will have an enormous role to play in the country’s future, not least because of their far lower carbon footprint compared to high-cost imported hydrocarbons.
With state-of-the-art infrastructure already in place to facilitate efficient exploration, we are fully committed to continuing our activities in the North Sea, as well as identifying potential new opportunities to expand our existing portfolio of offshore UK licences.
