Deltic Energy PLC - The North Sea-focused natural resources investor - Reports pretax loss for the year to December 31 widened to £3.0 million from £1.9 million a year prior with basic loss per share of 0.20 pence compared to 0.14p the year before. Notes net cash outflow from operations and investing activity for the year of £4.7 million, up from £1.8 million, with £2.1 million relating to the drilling of the Pensacola well. Ends year with cash of £20.4 million, doubled from £10.1 million at the end of 2021. Provides updated cash position of £15.1 million as of March 31.

Anticipates appraisal activity on Pensacola as the next step towards its commercial development, as well as another exploration well at Selene, each of which will be high impact catalysts. Chief Executive Graham Swindells comments: ‘I believe the future looks extremely positive for Deltic.’

Current stock price: 1.85 pence

12-month change: down 38%

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