Deltic Energy PLC - London-based natural resources investing company - Says that the Maersk Resilient rig has been safely installed on the Pensacola location, a Zechstein Reef prospect in the southern North Sea. The news was confirmed by Shell UK Ltd, the operator of Licence P2252, and drilling operations have now commenced.

Deltic has a 30% working interest in the licence. The drilling operations are expected to last between 60 and 90 days and the plan is to plug and abandon the well once these are complete.

Chief Executive Graham Swindells says: ‘We are excited to have commenced the well operations of our first exploration well on the Pensacola gas prospect. Pensacola is a high impact, potentially play opening prospect and represents what we hope will be the first of many wells as the company continues to implement its strategy to identify opportunities and discover gas to support the UK’s energy needs.’

Current stock price: 3.28 pence, down 6.4% on Wednesday

12-month change: up 65%

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