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London-based Deltic Energy PLC, a natural resources investor briefed on the findings of a competent person's report (CPR) for the Pensacola Discovery. A third-party evaluation of the jointly owned Pensacola Discovery reef yielded favorable outcomes. The company announced the conclusion of a competent person's report for the Pensacola P2252 licence, at which it holds 30%. Shell and One-Dyas share the remaining interest, with 65% and 5%, each.
The research demonstrates potential resources that greatly surpass pre-drill forecasts. The Pensacola financial resources are estimated at more than $205 million in post-tax Net Present Value (NPV), with oil and gas quantities exceeding 300 million barrels. Following a comprehensive post-well study of data acquired from the 41/05a-2 discovery well, Deltic commissioned RPS Energy to perform a third-party technical and commercial study of the Pensacola discovery.
Graham Swindells, Chief Executive of Deltic Energy, stated: "RPS's validation of our technical assessment of the Pensacola discovery is another step forward for Deltic as we prepare to drill the appraisal well in late 2024." In particular, we are impressed with the potential worth that RPS assigns to the discovery net to Deltic, especially given our current share price.
Shell uncovered gas at the Pensacola gas in the Southern North Sea in early 2023, which is considered to be the major natural gas discovery in the North Sea in recent times. The site investigation for this evaluation well position is scheduled for the first half of 2024, while the rig tendering procedure is underway. Deltic highlights that a denser, greater quality reservoir is projected to be present up-dip. Meanwhile, the characteristics of the dolomite reservoir more than the crestal half of the field are one of the primary variables in the calculation of Pensacola's hydrocarbons in position and reliant resources.
Deltic stated that RPS considered the Pensacola structure to contain gross P50 hydrocarbons. At first, 326 million barrels of oil equivalent were estimated, which approximately corresponded to Deltic's earlier estimate of 342 million barrels. Shell's partner presented RPS with two development possibilities. The first is a blended oil and gas development with two production platforms and six horizontal wells. The second alternative is a minimised capex gas-only development scenario involving three horizontal development wells producing via a generally unattended infrastructure exporting gas.
Read more here- https://www.delticenergy.com/assets/where-we-operate/south-north-sea/p2252/
