Deltic Energy has announced a new Southern North Sea prospect in its portfolio following the OGA’s 32nd licensing round last month.
Deltic Energy is facing yet another potential acquisition bid, this time from Independent Oil and Gas (IOG).
Deltic Energy said the company is largely “insulated” from the impact of Covid-19 thanks to the financial benefits of Shell farm-outs last year.
Shell has delivered new seismic data on the Pensacola prospect in the North Sea, with partner Deltic Energy claiming it is “highly analogous” to a discovery which struck oil last year.
Deltic Energy has announced a “material increase” in estimates of gas at a North Sea licence which Shell farmed into last year.
Reabold Resources has abandoned its takeover bid for Deltic Energy, formerly known as Cluff Natural Resources.
The FTSE 100 Index eked out a gain of 8.21 points, or 0.13%, to 6,269.73 today, as traders continued to show caution despite recent progress towards a vaccine for Covid-19.
Deltic Energy’s largest shareholder has backed the company’s efforts to stave off a hostile takeover bid from London-listed energy investment firm Reabold Resources.
In this latest EVOL podcast, in association with Burness Paull, energy news gladiators Ed, Allister and Mark pierce the armour of the week’s hottest stories.
Energy investment firm Reabold said today it was “disappointed” and “surprised” by takeover target Deltic Energy’s assessment of its portfolio.
Deltic Energy, formerly Cluff Natural Resources, has “unequivocally rejected” a £12.3million bid from Reabold Resources to acquire a controlling stake in the business.
The newly-branded Deltic Energy, formerly Cluff Natural Resources, is using the current “window of opportunity” to eye up potential deals as far afield as the Dutch North Sea.
Cluff Natural Resources (CLNR) has said it is “fully committed” to drilling a Shell-partnered North Sea prospect next year, however another is expected to be delayed to 2022.
A company named after one of the pioneers of North Sea oil and gas exploration is planning to change its name.