Deltic Energy (AIM:DELT) said that its partner Royal Dutch Shell (LON:RDSB) has delivered the processed 3D seismic data over the Pensacola Zechstein Reef prospect in the North Sea.
The data package includes the new Bluewater seismic data, which Deltic acquired with Shell back in August 2019, merged with reprocessed legacy 3D data, the statement outlined.
The application of proprietary advanced processing technologies has delivered ‘a robust image’ over the Pensacola prospect and the partners are now working on an interpretation.
The Pensacola Reef is described as a significant undrilled structure which appears to be ‘highly analogous’ to the Ossian prospect which was tested by the Darach Central-1 well.
The well was successfully drilled and tested by ONE Dyas in 2019 and clearly demonstrated the potential for high quality reservoirs to be present within Zechstein carbonates offshore.
Shares in Deltic Energy were trading 5.56% higher at 0.95p on Thursday morning.
Deltic, formerly known as Cluff Natural Resources, said that under the terms of its farm-out agreement with Shell, 100% of Deltic's costs including seismic acquisition, processing and technical workflows will support a well investment decision which is being carried by Shell.
Shell and Deltic expect to drill the Pensacola prospect in the first half of next year.
"It is great to get this new data over the Pensacola prospect and we are looking forward to continuing our work with Shell to progress the prospect towards drilling, which we expect to take place in the second half of 2021,” said Graham Swindells, Chief Executive of Deltic.
He added, “Shell's ability to redirect the required expertise, technologies and resources to this complex processing and interpretation project, while maintaining the original timeline, demonstrates the value of having such a high-quality partner when working on an emerging play like Pensacola."
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