Oil and gas major Shell has reiterated its commitment to the drilling of the high impact Pensacola well in Licence P2252 in the UK North Sea, Deltic Energy, Shell's partner in the offshore block said Thursday.
"Deltic is pleased to report that Shell, in its capacity as Operator of the Licence, has reiterated to Deltic and the UK Oil and Gas Authority, its plan to drill the high impact, play opening Pensacola Prospect on Licence P2252 and that it remains scheduled to be drilled in Q4 2021," Deltic said.
Deltic Energy is a London-listed company with assets in the North Sea. The company recently changed its name from Cluff Energy to Deltic Energy.
In a statement on Thursday, Deltic said that due to the COVID-19 restrictions, Shell has been granted a short extension (to end March 2021) which will allow seismic data analysis to be fully completed before the final drilling decision is made.
Deltic also said that the seismic processing completed to-date and interpretations of the available data have demonstrated "a robust image over Pensacola, which supports the prospectivity originally recognized by the JV at the time of the farm-in agreement [in 2019]."
"This progress has allowed well planning on Pensacola to commence. Well design work is underway and competitive scoping of the exploration well is in the process of being completed," Deltic said.
Graham Swindells, Chief Executive of Deltic Energy, commented: "I am very happy to report Shell's continued commitment to explore for gas with us at the high impact Pensacola Prospect and that the well remains on track to be drilled in 2021. The additional time granted will allow final work to be completed to ensure we get the best placed, best designed well to test this prospect - our work has only increased our excitement for a North Sea play that is proven in many parts of Europe.
"Despite the challenging times, the rigorous technical work means Pensacola has moved into well design and planning, while at the same time we have recently been provisionally awarded a series of new licenses including the drill-ready Cadence Prospect in order to continue executing our strategy of building a 'conveyer belt' of North Sea exploration opportunities."
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