Deltic Energy PLC - London-based natural resources investor focused on assets in the southern North Sea - Celebrates as Shell UK Ltd, which operates the P2437 and P2252 licences, has confirmed the signing of a rig contract with Valaris. The deal, which is for the drilling of both the Selene and Pensacola wells, will use a heavy duty jack-up rig known as Valaris 123. Contract and mobilisation should start between June and July this year, with the wells drilled sequentially.

Further, following on from an operational update provided last year, the geophysical site survey on Pensacola has now received permitting approval. Mobilisation to the site has taken place and the survey is expected to last for one month.

Chief Executive Graham Swindells says: ‘Signing of the rig contract coupled with the firming up of the drilling schedule is another important step for Deltic as we move further down the runway towards the drilling of Selene and Pensacola.’

Current stock price: 27.02 pence

12-month change: down 51%

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