Deltic Energy Plc (GB:DELT) has released an update.
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Deltic Energy Plc, an AIM-quoted company in the natural resources sector, is facing challenges securing a farm-out partner for its Pensacola well despite ongoing discussions, due to political and fiscal uncertainties affecting the UK North Sea investments. The company is exploring alternative funding options to meet its 30% share of the Pensacola well costs, estimated at GBP£15 million, with the looming risk of withdrawing from the license if solutions are not found by the end of May 2024. This situation arises amid the preparations for drilling the Pensacola appraisal well, scheduled for Q4 2024, and the company’s emphasis on the discovery’s significant potential, highlighted by a recent Competent Person’s Report valuing Pensacola at approximately USD$200 million net to Deltic.
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