Posted on: March 31, 2021

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Gneiss Energy is pleased to note that Deltic Energy Plc (“Deltic”) and Shell U.K. Limited (“Shell”), joint venture partners on Licence P2252 in the UK Southern North Sea, have made a positive well investment decision to drill the high impact Pensacola Prospect. Shell and Deltic have confirmed to The Oil and Gas Authority that the contingent well commitment is now firm, and Shell expects the well to be drilled in May 2022 as part of its multi-well drilling campaign.

Gneiss Energy acted as commercial adviser to Deltic on the 2019 farm-out of Licences P2252 and P2437 to Shell. Shell acquired a 70% working interest and operatorship in Licence P2252 and paid for 100% of the costs of new 3D seismic over the Pensacola Prospect, which was shot in August 2019.

The Pensacola Prospect contains gross P50 prospective resources of 309 Bcf, which will rank Pensacola as one of the highest impact exploration targets to be drilled in the gas basin in recent years. The geological chance of success associated with the prospect is 55%.

For the full announcement, please see: https://polaris.brighterir.com/public/deltic_energy/news/rns/story/rmq865w/export

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