Deltic announce Pensacola Gas Discovery
Deltic Energy Plc, the AIM-quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern and Central North Sea, announced a significant gas and oil discovery at Pensacola on Licence P2252 in the Southern North Sea.
Highlights
· Pensacola could represent one of the largest natural gas discoveries in the Southern North Sea in over a decade.
· Deltic pre-drill volumetrics for Pensacola confirmed by well – P50 Estimated Ultimate Recovery (‘EUR’) of 302 BCF.
· Well opens a new Zechstein play in this mature basin.
· Flow test results inline with Deltic’s pre-test expectations based on the reservoir parameters derived from the well.
Graham Swindells, Chief Executive of Deltic Energy, commented:-
“Deltic’s first exploration well at Pensacola has resulted in a highly positive outcome and, at approximately 300 BCF, would represent one of the largest natural gas discoveries in the Southern North Sea in over a decade. This discovery is a major milestone in the development of our Company as we continue to execute our exploration led strategy and progress our portfolio of high-quality drilling opportunities as we seek to create value for our shareholders.
We believe that the Pensacola discovery will open a new Zechstein play in this mature basin and highlights the remaining potential of the North Sea as a source of further discoveries which can provide domestically produced natural gas, supporting UK energy security while we transition toward a Net Zero economy.
As we continue our preparations for drilling the Selene well, we are now looking forward to working with our partners as we continue to progress this exciting and significant gas discovery at Pensacola, and look forward to updating the market on our future plans.”
Well 41/05a-2, operated by Shell UK Ltd (“Shell”), reached a total depth of 1,965 metres true vertical depth subsea (“TVDSS”) and the presence of mobile gas and oil in the primary Zechstein Hauptdolomite carbonate target interval was confirmed via wireline logs. The well encountered the top Hauptdolomite reservoir at 1,745 metres TVDSS and confirmed a reservoir thickness of 18.8 metres with better than expected porosity averaging 16%. As planned, the well penetrated the edge of the Pensacola structure in a down dip location and has proven a substantial hydrocarbon column.
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