Resultados finales
Deltic Energy Plc / Índice: AIM / Epic: DELT / Sector: Recursos naturales
17 de abril de 2024
Deltic Energy Plc ("Deltic" o "la Compañía")
Resultados finales
Deltic Energy Plc ("Deltic" or the "Company"), the AIM-quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern North Sea ("SNS") is pleased to announce its audited results for the year ended 31 December 2023 ("FY 2023") and that it has released an updated corporate presentation. The corporate presentation is available on the homepage at the Company's website: www.delticenergy.com.
Destacados
· Drilling of Pensacola prospect resulted in the largest discovery in the Southern North Sea in the last decade, at the upper end of our pre-drill estimates
· RPS Energy Ltd ("RPS") independently assessed Pensacola on the basis of a combined gas and oil case, estimating a gross 2C contingent resource of 72.6 mmboe (21.8 mmboe net to Deltic) and in the gas only case gross 2C contingent resource of 50 mmboe (15 mmboe net to Deltic)
· RPS also estimated a Post tax NPV10 in the combined case of $683m (gross) or $205m net to Deltic and $663m (gross) in the gas only case or $199m net to Deltic
· Planning has progressed for a well to be drilled with Shell over the Selene gas prospect followed by an appraisal well for Pensacola in the second half of 2024
· Rig contract signed and structured such that both Selene and Pensacola will be drilled back to back using the Valaris 123, a heavy duty jack-up rig, expected to commence July 2024
· Éxito en 33rd UK Licensing Round
· Cash position of £5.6 million at 31 December 2023 (2022: £20.4 million) with no debt
· Net cash outflow for the year of £14.8 million (2022: inflow £10.3 million) mainly for funding Pensacola exploration drilling and other exploration investments
· Completed a farmout of the Selene prospect to Dana Petroleum post-period end with Deltic fully carried for the estimated cost of the success case well
Graham Swindells, director ejecutivo de Deltic Energy, comentó:
"2023 was a transformational year for Deltic following the Pensacola discovery in the Southern North Sea in February. As one of the area's biggest discoveries in the past ten years, this was a fantastic result for the Company and is testament to the hard work carried out in the years leading up to this point. We continue to prepare for an appraisal well on Pensacola in Q4 this year, which I believe will take us a step closer towards commerciality. During 2023 we also continued to progress our equally significant Selene exploration prospect, culminating in an excellent farmout in early 2024. We are now in the enviable position of drilling two consecutive wells in the second half of the year, with two world class partners in Shell and Dana."
"I am delighted with the progress that Deltic made in 2023 and firmly believe we can continue on this trajectory throughout 2024. The UK needs to bolster its security of energy supply more than ever and I believe that Deltic will play a key role in this."
Para obtener más información, comuníquese con lo siguiente:
Deltic Energy Plc | Tel: + 44 (0) 20 7887 2630 |
Graham Swindells/Andrew Nunn/Sarah McLeod | |
Allenby Capital Limited (Asesor designado) |
Tel: + 44 (0) 20 3328 5656 |
David Hart / Alex Brearley (Finanzas corporativas) |
|
Stifel Nicolaus Europa limitada (Articulación Broker) |
Tel: + 44 (0) 20 7710 7600 |
Callum Stewart/Simon Mensley/Ashton Clanfield |
|
Canaccord Genuity Limited (Articulación Broker) Adam James/Ana Ercegovic
|
Tel: + 44 (0) 20 7523 8000 |
Consultoría Vigo (Asesor de RI) | Tel: + 44 (0) 20 7390 0230 |
Patrick d'Ancona / Finlay Thomson / Kendall Hill |
|
Declaración del presidente
The past year has seen great advances in Deltic's programme across our assets. The detail will be covered in the CEO and operational reports but we have made major strides in our operations, moving assets along as planned when we set up this exploration business.
Pensacola was awarded to us in a licence round, we worked through its technical programme and succeeded in bringing in a world class partner, Shell, who was brought into the licence in 2019. As promised, Pensacola was drilled and resulted in a significant discovery. Data from drilling showed it to be at the high end of expectations in terms of volumes of gas discovered. An appraisal well is planned for the coming months with a contract in place for rig operations. We await our place in the rig-line and look forward to safe operations and good results.
Selene has followed a similar path and will also be drilled later this year, back-to-back with Pensacola, with partners Shell and Dana who will carry us through the Selene drilling following successful farmout processes.
Progress has been made on other assets in the Deltic conveyor belt towards farm-out agreements to bring in partners and repeat the process in-line with Deltic's business plan.
And right at the start of this repeating process, we have achieved success in the UK's 33rd Offshore Licensing Round. Work has already begun to mature assets identified on these licences; to present them to potential partners and proceed towards exploration drilling.
Against this background of progress, we and others in our sector are facing significant headwinds in the political environment in which our business operates. Various issues have made energy a key policy area and, heading into an election in the UK, support for our sector appears to have become divided along party political lines. Some of this is likely pre-election rhetoric but it has a negative effect on many of our activities and slows decisions with regulators. At Deltic, we remain focussed on moving our assets along the conveyor belt as quickly as possible.
We and others in the industry are engaging with policy makers across the political spectrum to emphasise the importance of our sector and to show that we at Deltic and colleagues across the sector are ready to play our part in delivering the energy needed, delivering the energy transition and protecting jobs, communities and treasury receipts.
Our message is simple: we will need oil and gas in our energy mix for decades. A domestic supply is better for jobs, better for treasury receipts, better for energy security and better for emissions compared with imported supplies.
marca lappin
Presidente
16 de abril de 2024
Declaración del director ejecutivo
2023 - a transformational year
2023 was a transformational year for Deltic. The Company completed drilling of its first exploration well on the Pensacola prospect which was at the upper end of pre-drill estimates and resulted in the largest discovery in the Southern North Sea in the last decade. Following the Pensacola discovery, the Company has continued to progress planning of the next well to be drilled with Shell over the Selene gas prospect as well as the appraisal well for Pensacola which means we are now in the enviable position of drilling two consecutive wells in the second half of 2024. Further success in the UK's most recent licensing round has also enabled Deltic to further expand and enhance the Company's asset portfolio and potential future drilling opportunities in line with the Company's strategy, with the Company awaiting the outcome of the third and final tranche of licence awards.
Pensacola - largest discovery in Southern North Sea in a decade
Drilling at Pensacola completed in early 2023, resulting in a major discovery. The somewhat unexpected discovery of light oil also added an extra dimension to the Pensacola discovery. Post discovery, the partnership undertook an extensive process of post-well analysis which has allowed us to better quantify the estimated volumes of gas and oil at Pensacola and support progression to the appraisal phase.
Following completion of this work, at the end of 2023 the Joint Venture finalised and confirmed the positive well investment decision and approved the 2024 work programme and budget that allows for drilling the Pensacola appraisal well in late 2024.
The Company subsequently engaged RPS Energy Ltd ("RPS") to carry out an independent assessment and valuation of Pensacola. RPS assessed Pensacola on the basis of a combined gas and oil case and a gas only case. In the combined case, the gross estimate of 2C contingent resource was 72.6 mmboe (21.8 mmboe net to Deltic), towards the upper end of our pre-drill estimates and in the gas only case the gross estimate of 2C contingent resource was 50 mmboe (15mmboe net). RPS also estimated a Post tax NPV10 in the combined case of $683m (gross) or $205m net to Deltic and $663m (gross) in the gas only case or $199m net to Deltic. We expect these potential development scenarios to be further refined and optimised following appraisal and as we continue to work with our partners at Shell and ONE-Dyas to mature the opportunity.
In the meantime, RPS's work has further validated our technical assessment of the Pensacola discovery and confirms Pensacola's position as the largest discovery in the SNS in a decade. It is also one of the most significant discoveries in the North Sea in many years given its potential to lead the development of the Zechstein geological play in the SNS.
This well has been a very positive step for the Company and encapsulates Deltic's model given the Company applied for the licence, identified the prospect, and attracted world class partners which in turn has led to seismic acquisition followed by successful drilling. This moved the opportunity from a pure exploration prospect to a valuable appraisal and development asset.
Pensacola appraisal well planning is now at an advanced stage. The geophysical site survey was completed in March 2024, with the geotechnical survey ongoing and planned to be completed by the end of April 2024. The rig contract was entered into in February 2024, with the appraisal well scheduled to be drilled in Q4 this year, immediately after the Selene well.
We look forward to working with our partners Shell and ONE-Dyas throughout the rest of 2024 to continue moving this exciting asset through the appraisal phase and onward towards development.
Selene - largest untested structure of its kind in the SNS
Having achieved success at our first well at Pensacola, we are increasingly excited about the potential to add a further discovery with the imminent drilling of our next well at Selene. Selene is another similarly sized prospect with gross P50 Prospective Resources of 318 BCF (gross) (c.53 mmboe) and which we believe is the largest untested known structure in the Leman Sandstone play fairway of the SNS. Selene is an established, well understood play, with a high (70%) geological chance of success, in close proximity to existing infrastructure which has the ability to be brought onstream relatively quickly following discovery.
With drilling scheduled for July 2024, the planning process for Selene is in its final stages. The geotechnical and geophysical site surveys on the preferred surface location of the well were successfully completed and the results incorporated into the operational drilling plan.
The rig contract mentioned earlier has been structured such that both Selene and Pensacola will be drilled back to back using the Valaris 123, a heavy duty jack-up rig. This also creates the potential for eficiencias operativas asociadas con ser parte de un programa extendido de pozos.
Having made a major discovery at our first well at Pensacola, we are excited about drilling this high impact prospect and having the potential to add another discovery to Deltic's asset base. Accordingly, we look forward to progressing through the final planning phase towards the commencement of operations.
Farm out success - Dana Petroleum (E&P) Ltd
As part of the process to mitigate cost exposure to its upcoming wells, the Company embarked on a process to farm out an element of equity in its Selene and Pensacola licences while bringing in further high quality partners. In February this year, we were pleased to announce a transaction to farm-out 25% of Selene to Dana Petroleum (E&P) Ltd ("Dana"). In combination with the existing Shell carry, this transaction, effective from 1 January 2024, has resulted in Deltic retaining a 25% interest in Licence P2437 and having no exposure to 2024 drilling and testing costs up to a gross cap of $49m which exceeds the operator's current success case well cost estimates, with any costs in excess of these caps being split along equity lines.
Having received consent from Shell and the standard NSTA regulatory consents, we were pleased to announce completion of the transaction on 3 April 2024.
We are delighted to have strengthened the Selene joint venture with the addition of an established operator like Dana, who has a long history of successful exploration and development in the SNS. As a result of the transaction, Deltic retains a material stake in one of the highest impact UK exploration wells planned in 2024 while effectively eliminating our estimated success case cost exposure to the exploration well.
This success further demonstrates Deltic's ability to attract world class partners and our priority now is to build on the Selene farm out success with Pensacola. We are progressing an active and ongoing process to realise value and farm down our Pensacola discovery with the aim of bringing in another high quality partner and reducing cost exposure to the well.
Otros activos
Capricorn Joint Venture
Despite having brought Capricorn into our five contiguous licences in an underexplored area of the SNS as recently as 2021, new ownership, management and a change in strategy saw Capricorn deciding to focus on its Egyptian assets, resulting in their withdrawal from each of these UK exploration licences. While Deltic chose to retain the two most prospective licences, being P2567 (Cadence) and P2428 (Cupertino), the relatively short time remaining on these licences and the requirement to commit to a well meant that both of these licences were relinquished.
Despite this, the extensive work programme undertaken has advanced our understanding of the potential of the area and further demonstrated the excellent prospectivity, particularly on the two most advanced licences such that the Company will consider reapplying for these licences in any upcoming licensing round.
Syros Licence (P2542)
A farm out process remains ongoing in relation to the Company's Syros prospect which is located in the Central North Sea ("CNS") in close proximity to the Montrose-Arbroath fields, currently held by Ithaca and Repsol. The Company is in dialogue with potential counterparties with a view to securing a farm out before the end of this year when a well commitment is required to progress to the next phase of the licence.
Expansion of asset portfolio
2023 provided Deltic with the opportunity to further enhance its portfolio of licences through the UK's 33rd Offshore Licensing Round. The Company has achieved further success with the third and final tranche of awards still to be announced. In particular, we are pleased to have been re-awarded the Dewar licence which is an attractive low risk infrastructure-led exploration opportunity in the CNS and look forward to the outcome of the remaining awards.
These awards are a direct result of the hard work that our technical team put into the application process and the blocks awarded have the potential to create additional drilling opportunities in the future.
Outlook
Our sector continues to face a number of challenges in relation to the political and fiscal environment and the Energy Profits Levy ("EPL") continues to create a significant degree of uncertainty. While the EPL creates instability for UK operators, the investment allowance currently in place does however continue to enhance the attractiveness of investing in Deltic projects which attract tax relief. Nonetheless, the existence of the EPL does nothing for investor or industry confidence, noting that a stable, reliable fiscal regime is essential if domestic production is to be maintained.
Although an element of uncertainty also exists over the scope and nature of future licensing, Deltic remains committed to exploration within the UK and believes that a regular, predictable licensing process remains critical to maintaining domestic gas production, supporting jobs and delivering energy security.
Despite political and fiscal challenges, Deltic has continued to deliver on its model of taking licences from award through to drilling as we have done with Pensacola and now Selene. The simultaneous progression of Pensacola and Selene has meant that we are now about to commence a two well drilling programme on Selene and Pensacola which is going to make for a very exciting second half of the year.
I would like to take this opportunity to thank the entire Deltic team throughout the year for their continued hard work and teamwork which has been key to the Company's continued success.
graham swindells
Director Ejecutivo
16 de abril de 2024
Revisión operacional
P2252 Pensacola (30% Deltic, 65% Shell, 5% ONE-Dyas)
The Pensacola discovery well, 41/05a-2, operated by Shell, reached a total depth of 1,965m TVDSS on 28 December 2022 and, following a period of logging and well testing, which produced both gas and light oil to surface, the discovery was announced on 8 February 2023. This was followed by a period of laboratory testing on samples collected during drilling and the integration of all new data into the sub-surface model for the Pensacola prospect.
Following the completion of the post-well analysis, Deltic commissioned RPS Energy Ltd ("RPS") to undertake an independent audit of the Pensacola discovery and produce a Competent Person's Report ("CPR"). This resulted in Deltic's first independently verified contingent resource estimate in relation to two potential development scenarios - a gas only development and a combined gas and oil development.
Contingent Resources and Valuation of the Combined Gas and Oil Development
The contingent resources (development pending) associated with the oil and gas development scenario for Pensacola as estimated by RPS are summarised in the table below:
Tipo de hidrocarburo | Unidades | Recursos brutos de campo completo1,2 | Deltic Net Working Interest3 | ||||
1C | 2C | 3C | 1C | 2C | 3C | ||
Parrilla de gas | Bscf | 113.6 | 313.0 | 616.7 | 34.1 | 93.9 | 185.0 |
Aceite | MMstb | 4.7 | 19.8 | 50.9 | 1.4 | 5.9 | 15.3 |
Condensar | MMstb | 0.2 | 0.6 | 1.4 | 0.1 | 0.2 | 0.4 |
Equivalente de petróleo | MMboe4 | 23.9 | 72.6 | 155.1 | 7.2 | 21.8 | 46.5 |
1 Gross field contingent resources (100% basis) after economic limit test after removal of 10% CO2 and fuel and flare gas 2 Chance of Development ("Pd") is the estimated probability that a known accumulation, once discovered, will be commercially developed. At this early stage in the project, given the understanding of the range of volumes, of oil in particular, and the development options still being considered, RPS consider assigning a chance of development is premature 3 Deltic holds a 30% working interest in P2252 which is operated by Shell 4 Conversion rate of 6,000 Scf per boe |
Net Present Value ("NPV") estimates as of 1 January 2024 for the combined oil and gas development, as calculated by RPS, based on RPS (Q4 2023) long term forecasts for Brent Crude (for oil and condensate sales) and UK National Balancing Point ("NBP") for sales gas, are summarised below:
Combined Oil and Gas Case | Fecha ELT | Post-Tax NPV - Net to Deltic1 USD$ Million (money of the day) at different Discount Rates | |||
Tasa de descuento | 0% | 10% | 12% | 15% | |
1C | 2036 | (29) | (114) | (121) | (127) |
2C | 2048 | 792 | 205 | 148 | 84 |
3C | 2058 | 2,236 | 566 | 437 | 296 |
1 Deltic holds a 30% working interest in P2252
Contingent Resources and Valuation of the Gas Only Development
The Contingent Resources (development pending) associated with the gas only development scenario for Pensacola as estimated by RPS are summarised in the table below:
Tipo de hidrocarburo | Unidades | Recursos brutos de campo completo1 | Deltic Net Working Interest3 | ||||
1C | 2C | 3C | 1C | 2C | 3C | ||
Parrilla de gas | Bscf | 112.4 | 296.8 | 631.7 | 33.7 | 89.0 | 189.5 |
Condensar | MMstb | 0.2 | 0.6 | 1.5 | 0.1 | 0.2 | 0.4 |
Equivalente de petróleo | MMboe2 | 18.9 | 50.0 | 106.7 | 5.7 | 15.0 | 32.0 |
1 Gross field contingent resources (100% basis) after economic limit test after removal of 10% CO2 and fuel and flare gas 2 Chance of Development ("Pd") is the estimated probability that a known accumulation, once discovered, will be commercially developed. At this early stage in the project, given the understanding of the range of volumes, of oil in particular, and the development options still being considered, RPS consider assigning a chance of development is premature 3 Deltic holds a 30% working interest in P2252 which is operated by Shell 4 Conversion rate of 6,000 Scf per boe |
NPV estimates as of 1 January 2024 for the gas only development as calculated by RPS, based on RPS (Q4 2023) long term forecasts for Brent Crude (for oil and condensate sales) and UK NBP for sales gas, are summarised below:
Gas Only Case | Fecha ELT | Post-Tax NPV - Net to Deltic1 USD$ Million (money of the day) at different Discount Rates | |||
Tasa de descuento | 0% | 10% | 12% | 15% | |
1C | 2034 | 124 | 20 | 8 | (6) |
2C | 2044 | 599 | 199 | 158 | 111 |
3C | 2058 | 1,664 | 412 | 323 | 226 |
1 Deltic holds a 30% working interest in P2252
The gas only scenario recovers less hydrocarbons than the combined case development but has a significantly lower capital and operational cost base, resulting in higher NPV10 valuations under certain scenarios.
Post CPR Zechstein Play Update
Following completion of the CPR, the North Sea Transition Authority released summary well information for the Crosgan Zechstein appraisal well drilled in early 2023 by ONE-Dyas, with its joint venture partner Shell. Crosgan, located approximately 60km to the east of Pensacola, is highly analogous to the Pensacola discovery and the appraisal well (42/15a-4) drilled on the crest of the Crosgan reef structure is reported to have encountered a Hauptdolomite reservoir that was 140m thick and which flowed at a maximum rate of 26.5 MMscf/day on test.
These positive well results further support Deltic's view that a thicker, higher quality reservoir is likely to be present across the crest of the Pensacola structure. The information from the Crosgan offset well will be considered in future volumetric reviews along with additional information collected during the drilling of the Pensacola appraisal well later this year.
Next Steps on Pensacola
In parallel to the preparation of the CPR report, the Pensacola joint venture partners began work on the planning of an appraisal well which is designed to test the commercial productivity of the thicker, higher quality reservoir which is predicted to be present across the top of the Pensacola structure.
The joint venture committed to this appraisal well in December 2023 and the well is scheduled to be drilled in late 2024. Enabling works have commenced with geophysical surveys over the proposed well location completed in Q1 2024 and geotechnical investigations planned in Q2 2024.
On 5 February 2024, Shell informed Deltic that it had contracted the Valaris 123 heavy duty jack-up drilling unit to drill both the Selene exploration well and Pensacola appraisal well as a two well programme starting in the summer of 2024, with the Selene well to be drilled first and the rig moving to Pensacola on completion of Selene operations.
P2437 Selene (50% Shell, 25% Deltic & 25% Dana)
Following the positive well investment decision in the summer of 2022, the joint venture has been focussed on well design, specification of the data acquisition programme and other enabling works including the geophysical and geotechnical site surveys which were completed during the second half of 2023.
As set-out above, the well will be drilled with the Valaris 123 with mobilisation expected to commence in late June/early July 2024. The well has been designed as a low cost exploration well with very specific data collection objectives required to support future field development decisions in this mature Leman Sandstone play. As such, there will be no conventional surface flow test and key reservoir information will be gathered from a combination of drill core, wireline logs and reservoir fluid samples collected during the planned mini-drill stem test ("mini-DST").
On 7 February 2024, the Company announced that it had farmed out a portion of its equity position in the Selene licence to Dana, a wholly owned subsidiary of the Korean National Oil Company ("KNOC"). As a result of this transaction, Deltic retains a 25% interest in the Selene asset with no cost exposure to the exploration well up to USD$40M in a dry hole scenario or USD$49 millones in a success case, both on a gross basis. Recent communications from the Licence Operator, Shell, indicate a total success case cost of the Selene well of $47 millones including operational and weather-related contingencies.
Following receipt of NSTA and partner approvals, the farm-out to Dana was completed on 2 April 2024.
Deltic sigue convencido de que el prospecto Selene es una de las estructuras más grandes no evaluadas en la vía Leman Sandstone de la cuenca de gas del sur y estima que contiene recursos prospectivos P50 brutos de 318 BCF de gas (con un rango de P90 a P10 de 132 a 581 BCF ) con una probabilidad geológica de éxito del 70%.
P2542 Syros (100% Deltic)
Deltic has completed the Phase A work programme on licence P2542 located in the Central North Sea, which contains the Syros prospect. This work included the purchase of the latest 3D Evolution seismic dataset across the acreage and the completion of a Joint Impedance and Facies Inversion ("Ji-Fi") inversion of the seismic data, in conjunction with IKON Science. This work has significantly de-risked the Syros prospect and Deltic considers it to be 'drill ready'.
El prospecto de Syros está ubicado inmediatamente al oeste de las plataformas de producción de Montrose-Arbroath y muy cerca de varios campos que producen a partir de las mismas areniscas de Fulmar que se espera que estén presentes dentro del bloque de fallas rotadas de Syros.
Se espera que el prospecto Syros contenga un petróleo ligero gaseoso, similar a los campos de compensación en producción y se estima que contenga recursos prospectivos P50 de 24.5 mmboe (rango P90 a P10 = 13.7 a 39.7 mmboe) con una probabilidad geológica de éxito del 58%.
As previously announced, a farm-out process is ongoing and Deltic has had significant engagement with a number of operators in relation to Syros. Management remain confident of attracting a joint venture partner.
Gestión de la cartera
Following changes in management and strategy at Capricorn in the first half of 2023, in July 2023 the Company was formally notified of Capricorn's intention to withdraw from the five SNS licences it held in partnership with Deltic. As part of ongoing rationalisation and high grading of its portfolio, Deltic also decided to withdraw from three of the Licences (P2560, P2561 and P2562) and these were relinquished immediately.
Deltic retained the high graded licences P2567 and P2428 with the aim of seeking an extension of the Phase A terms in order to allow sufficient time in which to bring in alternative partners and progress to the drilling phases of the licences. Deltic's requests for extension on both licences were rejected by the NSTA and, as a result, Licence P2567 expired on 30 November 2023 and Licence P2428 expired on 31 March 2024.
33rd Ronda de licencias
The NSTA announced the launch of the UK's 33rd Offshore Licensing round on 7 October 2022, with 931 blocks and part blocks available for licensing. The round closed for applications on 12 January 2023.
A first tranche of provisional awards announced on 30 October 2023 offered 27 licences focusing on production and drill ready opportunities in the Central North Sea, Northern North Sea and West of Shetland regions.
A second tranche of provisional awards announced on 31 January 2024 offered a further 24 licences mainly in the Central North Sea area. Deltic was provisionally awarded two licences in the Central North Sea with the primary area of interest being the Dewar area incorporating blocks 24/24f (part) & 22/25e (part). Deltic has previously held the acreage and matured the Dewar prospect before being forced to relinquish the acreage. However, new seismic data is available over the area and there have been a number of changes in the operator community around the Dewar prospect, including a commitment from BP to redevelop the adjacent Skua field which has reinvigorated interest in the area.
A second provisional award over block 29/4b in the Central Graben area, which was part of a larger multi-block application made by Deltic, with the bulk of the application area awarded to Shell in tranche 1. Given the adjacent blocks awarded to Shell contained the primary targets identified during the application process, Deltic has informed the NSTA that it does not intend to accept the provisional award over 29/4b given the relatively high costs associated with the work programme and significant uncertainty around the potential prospectivity on block 29/4b.
The Company awaits the third tranche of provisional awards which will include the Southern North Area which was the primary focus of Deltic's application assets. We will update the market as and when the third tranche awards are announced by the NSTA.
Resumen de cartera y recursos
The Company's current licence portfolio and prospect inventory, as of the end March 2024, is summarised below:
Southern North Sea - Contingent Resources
Referencia de licencia: | identificador de bloque | Equidad Deltica | ID del proyecto | Development Scenario | Neto a Deltic Recursos contingentes2 (mmboe3) | %GCoS | ||
1C | 2C | 3C | ||||||
P22521 | 41/5a, 41/10a y 42/1a | 30% | Pensacola Zechstein | Gas Only Development | 5.7 | 15.0 | 32.0 | 100 |
Combined Gas and Oil Development | 7.2 | 21.8 | 46.5 |
1 Operado por Shell
2 Estimated by RPS following independent audit
3 Conversion rate of 6,000 Scf per boe
Southern North Sea - Prospective Resources
Referencia de licencia: | identificador de bloque | Equidad Deltica | ID del proyecto | Descubrimiento (D) Prospecto (P) Plomo (L) | Neto a Deltic Recurso prospectivo (FBC) | GCoS % | ||||
P90 Baja | P50 Best | P10 Alta | ||||||||
P25581 | 41/5b y 42/1b | 30% | Pensacola Norte - Zechstein | Estar determinado | ||||||
P24371 | 48 / 8b | 25% | Balandra - Leman | D | 2 | 4 | 10 | 100 | ||
Selene - Leman | P | 33 | 80 | 145 | 70 | |||||
Endimión - Leman | L | 9 | 12 | 15 | 27 | |||||
Aparejo y foque - Leman | L | 4 | 9 | 15 | 35 | |||||
1 Operado por Shell
Mar del Norte central
Referencia de licencia: | identificador de bloque | Equidad Deltica | ID del proyecto | Descubrimiento (D) Prospecto (P) Plomo (L) | Neto a Deltic Recurso prospectivo (MBOE) | %GCoS | ||
P90 Baja | P50 Best | P10 Alta | ||||||
P2542 | 22 / 17a | 100% | Siros - Fulmar | P | 13.7 | 24.5 | 39.7 | 58 |
andres nunn
Director de Operaciones
16 de abril de 2024
Financial Review,en
General
Following Deltic's equity fundraise of £16.0 million (gross) in September 2022 (the "2022 Fundraise"), the Company started the year with a cash balance of £20.4 million and ended the year to 31 December 2023 with a cash balance of £5.6 million. 2023 saw significant planned investment and use of capital to complete the drilling of the Pensacola discovery as well as planning for the Pensacola appraisal well and Selene exploration well both of which are scheduled to be drilled in the second half of 2024. Over the year, the Company invested £12.5 million (2022: £2.6 million) on completing Pensacola drilling operations and planning for future Pensacola appraisal and Selene exploration drilling.
Pérdida del año
The Company incurred a loss for the year to 31 December 2023 of £3.0 million (2022: £3.0 million). Administrative expenses of £3.0 million (2022: £2.7 million) were incurred during the year. Finance income of £0.4 million (2022: £0.1 million) was earned on short term high interest-bearing deposits on funds following the 2022 Fundraise. In the year, an impairment of £0.2 million (2022: nil) was recognised for the subsequent relinquishment of P2428 (Cupertino) which occurred at the end of March 2024. There were no further significant impairments nor write-offs associated with the relinquishment of Licences P2560, P2561, P2562 and P2567. Corporation tax is payable on finance income earned, and accordingly the Company has recognised an income tax expense in the year of £0.1 million (2022: nil).
Balance
The Company had total Capital and Reserves as at 31 December 2023 of £21.7 million (2022: £24.2 million).
The value of exploration assets increased by £7.7 million (2022: £7.6 million increase) mainly reflecting completion of Pensacola drilling operations in February 2023 and planning for 2024 drilling.
Pensacola drilling operations commenced in November 2022 and continued through to February 2023. The total net cost to Deltic of drilling the Pensacola well was £12.8 million. The value of work undertaken during 2023 was £5.7 million (2021/2022: £7.1 million). In accordance with IAS 37, in the prior year, the Company recognised a provision with a corresponding asset of £1.3 million for the planned plugging and abandonment of the Pensacola well in February 2023.
The Company spent £2.2 million (2022: £0.7 million) further progressing the Company's licence portfolio, in particular the Selene and Syros Licences, and to progress the Pensacola licence to appraisal drilling in 2024. All costs associated with the five licences previously held jointly with Capricorn Energy PLC were fully paid by Capricorn Energy Plc.
Property, plant and equipment of £0.2 million (2022: £0.3 million) includes a right of use asset relating to the office lease with a net book value of £0.1 million (2022: £0.2 million). Property, Plant and Equipment reduced by £0.1 million to £0.2 million, mainly reflecting the depreciation charge for the year on the office lease, fixtures and fittings and computer equipment.
The Company's cash position at 31 December 2023 was £5.6 million (2022: £20.4 million) with the year-on-year decrease mainly arising from Pensacola drilling and investment into 2024 drilling.
Total current liabilities, which include short-term creditors, accruals, provisions and lease liabilities decreased to £1.6 million (2022: £6.4 million). Liabilities of £0.4 million (2022: £3.3 million) are due to the joint venture partner for payments associated with drilling operations. Other payables and accruals of £0.6 million (2022: £1.3 million) mainly represent drilling value of work done but yet to be billed by the joint venture partner. In the prior year, a provision of £1.3 million was recognised for the costs incurred in early 2023 for the pre-planned plug and abandonment of the Pensacola exploration well.
La Compañía no tiene deuda.
Consolidación de acciones
On 25 May 2023, the Company undertook a Share Consolidation (the "Consolidation"). The Consolidation consisted of a consolidation of the existing 1,861,932,000 Ordinary Shares of 0.5 pence each in the capital of the Company ("Existing Ordinary Shares"), such that every 20 Existing Ordinary Shares were consolidated into one new ordinary share of 10p each ("New Ordinary Shares"). Following the Consolidation, the Company has a single class of ordinary shares of 10p each in issue, being 93,096,600 New Ordinary Shares.
Flujo de fondos
As at 31 December 2023, the Company held cash and cash equivalents totalling £5.6 million (2022: £20.4 million). The Company had a net cash outflow for the year of £14.8 million (2021: inflow £10.3 million) mainly for Pensacola exploration drilling and other exploration investments. The cash increase in the prior year was driven by the Fundraise proceeds of £16.0 million (gross).
A net cash outflow from operating activities of £2.6 million (2022: £2.2 million) was incurred for general and administrative costs.
Net cash of £12.1 million (2022: £2.5 million) was used in investing activities including £12.5 million (2022: £2.6 million) on exploration and evaluation assets, offset by interest received on short term deposits of £0.4 million (2022: £0.1 million). The total net cash paid to the Pensacola joint venture partner during 2023 for the Pensacola exploration well and post well cost was £12.0 million (2022: £2.1 million). A further £0.5 million (2022: £0.5 million) was spent developing the other licences in the exploration portfolio.
Preocupación continua
The inherent nature of the Company means it is dependent on its existing cash resources, farming down of assets and its ability to access additional capital in order to progress its operational programme on an ongoing basis. Having undertaken careful assessment, the Directors are of the view the Company will need to access additional capital during 2024 in order to fund on-going operations. It is anticipated these funds will primarily be sourced through farm downs, asset disposal, issuing new equity or a combination of these actions. The financial statements for the year to 31 December 2023 have been prepared assuming the Company will continue as a going concern. In support of this, the directors believe the liquid nature of the UK asset market combined with historical shareholder support, means it is likely that adequate funds can be accessed when required. However, the ability to access capital is not guaranteed at the date of signing these financial statements. As a consequence, this funding requirement represents a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. The Independent Auditor's Report to the members of Deltic Energy Plc for the year ended 31 December 2023 refers to this material uncertainty surrounding going concern.
Sarah McLeod
Director Financiero
16 de abril de 2024
Política de inversión
Además del desarrollo de las licencias de gas del Mar del Norte que la Compañía ha adquirido hasta la fecha, la Compañía propone continuar evaluando otros proyectos potenciales de petróleo y gas en línea con su política de inversión, ya que apunta a construir una cartera de activos de recursos y crear valor para los accionistas. Como se reveló en el Documento de Admisión AIM de la Compañía en mayo de 2012, la Política de Inversiones implementada sustancialmente por la Compañía es la siguiente:
Las inversiones propuestas a realizar por la Compañía pueden ser cotizadas o no cotizadas; hechos por adquisición directa o a través de farm-ins; ya sea en sociedades, sociedades o joint ventures; o participaciones directas en proyectos de petróleo y gas y minería. No tiene la intención de invertir o comerciar con productos básicos físicos, excepto cuando dichos productos básicos físicos formen parte de un activo de producción. La participación accionaria de la Compañía en una inversión propuesta puede variar desde una posición minoritaria hasta el 100% de propiedad.
Inicialmente, la Junta tiene la intención de centrarse en la búsqueda de proyectos en los sectores de petróleo y gas y minería, donde los directores creen que existen varias oportunidades para adquirir participaciones en proyectos atractivos. Se prestará especial atención a la identificación de inversiones que, en opinión de los Consejeros, tengan un bajo rendimiento, no estén desarrolladas y/o estén infravaloradas, y en las que los Consejeros crean que su pericia y experiencia pueden desplegarse para facilitar el crecimiento y desbloquear el valor inherente.
La Compañía llevará a cabo evaluaciones iniciales de diligencia debida de proyectos potenciales y, cuando se crea que se justifica una mayor investigación, designará a personas debidamente calificadas para ayudar con este proceso. Los Consejeros están evaluando actualmente varias oportunidades que pueden resultar adecuadas aunque, en esta etapa, solo se ha llevado a cabo una debida diligencia preliminar.
Es probable que los recursos financieros de la Compañía se inviertan en una pequeña cantidad de proyectos o en una gran inversión que pueda considerarse una adquisición inversa según las Reglas AIM. En todos los casos, los Consejeros tienen la intención de mitigar el riesgo mediante la realización de la debida diligencia y el análisis de transacciones adecuados. Cualquier transacción que constituya una adquisición inversa según las Reglas AIM también requerirá la aprobación de los Accionistas.
Se espera que las inversiones en activos de etapa temprana y de exploración sean principalmente en forma de capital, y que la deuda se recaude más tarde para financiar el desarrollo de dichos activos. Es más probable que las inversiones en proyectos de etapas posteriores incluyan un elemento de apalancamiento de deuda a capital. Cuando la Compañía construye una cartera de activos relacionados, es posible que pueda haber participaciones cruzadas entre dichos activos.
La Compañía tiene la intención de ser un inversionista involucrado y activo. En consecuencia, cuando sea necesario, la Compañía puede buscar la participación en la gestión o representación en el Directorio de una entidad en la que invierte la Compañía con el fin de mejorar el rendimiento y el uso de sus activos de tal manera que resulte en una reevaluación al alza. del valor de esos bienes.
Dado el período de tiempo que los Directores creen que se requiere para maximizar completamente el valor de un proyecto de exploración o un activo de desarrollo en etapa inicial, se espera que la inversión se mantenga a mediano y largo plazo, aunque no se puede descartar la disposición de activos a corto plazo. fuera en circunstancias excepcionales.
La Compañía tiene la intención de entregar rendimientos a los Accionistas principalmente a través del crecimiento del capital en lugar de la distribución de capital a través de dividendos, aunque puede ser apropiado distribuir fondos a los Accionistas una vez que la cartera de inversiones madure y se establezcan los ingresos de producción.
Dada la naturaleza de la Política de inversión, la Compañía no tiene la intención de realizar divulgaciones o cálculos periódicos regulares de su valor liquidativo.
Los Consejeros consideran que a medida que se realicen inversiones y surjan nuevas oportunidades de inversión, será necesaria una mayor financiación de la Sociedad.
Este informe estratégico contiene ciertas declaraciones prospectivas que están sujetas a los factores de riesgo e incertidumbres habituales asociados con el negocio de exploración y producción de petróleo y gas. Si bien los Directores creen que la expectativa reflejada en este documento es razonable a la luz de la información disponible hasta el momento de la aprobación de este informe, el resultado real puede ser sustancialmente diferente debido a factores fuera del control de la Compañía o dentro del control de la Compañía, pero , por ejemplo, por un cambio de plan o de estrategia. En consecuencia, no se puede confiar en las declaraciones prospectivas.
En nombre de la Junta
marca lappin graham swindells
Chairman Chief Executive Officer
16 April 2024 16 April 2024
Estándar de informes
Las estimaciones de recursos se han preparado de acuerdo con el PRMS como estándar para la clasificación y presentación de informes.
Revisión de la persona calificada
Andrew Nunn, geólogo colegiado y director de operaciones de Deltic, es una "persona calificada" de acuerdo con la Nota de orientación para empresas de minería, petróleo y gas, junio de 2009, actualizada el 21 de julio de 2019, de la Bolsa de Valores de Londres. Andrew ha revisado y aprobado la información contenida en este anuncio.
Glosario de términos técnicos
1C: | Represents the low case estimates of Contingent Resources as defined by PRMS
|
2C: | Represents the best case estimates of Contingent Resources as defined by PRMS
|
3C: | Represents the high case estimates of Contingent Resources as defined by PRMS
|
BCF or Bscf: | Billion Standard Cubic Feet
|
Boé: | Barriles de petróleo equivalente
|
Recursos Contingentes: | Those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from known accumulations, but which are not currently considered to be commercially recoverable, as defined by PMRS
|
ELT or Economic Limit Test: | Economic Limit Test. The economic limit is defined as the production rate at the time when the maximum cumulative net cash flow occurs for a project
|
Geological Chance of Success or GCoS: | Para recursos prospectivos, significa la posibilidad o probabilidad de descubrir hidrocarburos en cantidad suficiente para ser analizados en la superficie. Esta es, entonces, la posibilidad o probabilidad de que el recurso potencial madure y se convierta en un recurso contingente. Los recursos potenciales tienen asociada una posibilidad de descubrimiento (posibilidades geológicas de éxito) y una posibilidad de desarrollo (riesgos económicos, regulatorios, de mercado e instalaciones, compromiso corporativo y políticos). La posibilidad de comercialidad es producto de estos dos componentes de riesgo. Estas estimaciones se han arriesgado por la posibilidad de descubrimiento, pero no por la posibilidad de desarrollo.
|
MMboe or million barrels of oil equivalent: | Million barrels of oil equivalent. Gas is converted at a conversion rate of 6,000 Scf per boe
|
MMstb: | Millones de barriles de tanques de almacenamiento
|
MMscf: | Million standard cubic feet
|
Recurso P90: | Reflects a volume estimate that, assuming the accumulation is developed, there is a 90% probability that the quantities actually recovered will equal or exceed the estimate. This is therefore a low estimate of resource
|
Recurso P50: | Reflects a volume estimate that, assuming the accumulation is developed, there is a 50% probability that the quantities actually recovered will equal or exceed the estimate. This is therefore a median or best case estimate of resource
|
Recurso P10: | Refleja una estimación de volumen de que, suponiendo que se desarrolle la acumulación, existe una probabilidad del 10% de que las cantidades realmente recuperadas igualen o superen la estimación. Por lo tanto, se trata de una estimación elevada del recurso
|
PRMS: | The June 2018 Society of Petroleum Engineers ("SPE") Petroleum Resources Management System
|
Recursos prospectivos
| Son volúmenes estimados asociados a acumulaciones no descubiertas. Estos representan cantidades de petróleo que se estima, a partir de una fecha dada, como potencialmente recuperables de depósitos de petróleo y gas identificados sobre la base de evidencia indirecta pero que aún no han sido perforados.
|
Scf: | Pies cúbicos estándar
|
Stb: | Stock tank barrel
|
STOIIP: | Stock tank oil initially in place
|
TVDSS: | True Vertical Depth Sub-Sea |
Estado de resultados
para el año terminado el 31 de diciembre de 2023
Operaciones continuas | Notas | 2023 £ | 2022 £ | |
Gastos administrativos: | ||||
Amortizar los activos intangibles entregados | 3 | (184,242) | (347,610) | |
Otros gastos administrativos |
| (3,035,896) | (2,745,350) | |
Gastos administrativos totales |
| (3,220,138) | (3,092,960) | |
Otros ingresos operativos | - | - | ||
Pérdida operativa |
| (3,220,138) | (3,092,960) | |
Ingresos financieros | 388,403 | 129,301 | ||
Costos financieros | (16,788) | (25,745) | ||
Pérdida antes de impuestos | (2,848,523) | (2,989,404) | ||
Ingreso por gastos de impuesto | (112,830) | - | ||
Pérdida del año |
| (2,961,353) | (2,989,404) | |
Pérdida por acción de operaciones continuas expresado en peniques por acción: |
| |||
Basic | 2 | (3.18) p | (3.94) p | |
Estado del resultado integral
para el año terminado el 31 de diciembre de 2023
|
| 2023 £ | 2022 £ |
Pérdida del año | (2,961,353) | (2,989,404) | |
Otro resultado integral |
| - | - |
Total gasto integral del ejercicio atribuible a los accionistas de la Sociedad |
| (2,961,353) | (2,989,404) |
Balance
a 31 de diciembre de 2023
| Notas
| 2023 £ | 2022 £ |
Activos | |||
Activos no corrientes | |||
Activos intangibles | 3 | 17,463,225 | 9,769,477 |
Propiedad, planta y equipo. | 4 | 171,627 | 279,545 |
Inversiones en subsidiaria | 1 | - | |
Otros ingresos | 37,422 | 37,422 | |
Total del activo no corriente | 17,672,275 | 10,086,444 | |
Activos circulantes | |||
Cuentas comerciales y otras cuentas por cobrar | 112,598 | 181,102 | |
Efectivo y equivalentes de efectivo | 5,580,259 | 20,409,692 | |
Total de activos corrientes | 5,692,857 | 20,590,794 | |
los activos totales |
| 23,365,132 | 30,677,238 |
Capital y reservas atribuibles a los accionistas de la Sociedad | |||
Accionistas | |||
Capital social | 9,309,660 | 9,309,660 | |
Compartir premium | 33,145,477 | 33,150,786 | |
Reserva de pago basada en acciones | 1,999,834 | 1,535,202 | |
Déficit retenido acumulado | (22,716,617) | (19,802,953) | |
Equidad total |
| 21,738,354 | 24,192,695 |
Pasivos | |||
Pasivo circulante | |||
Comerciales y otras cuentas a pagar | 1,402,375 | 4,988,307 | |
Impuesto corriente por pagar | 88,775 | - | |
Pasivos por arrendamiento | 124,282 | 90,132 | |
Provisiones | - | 1,281,000 | |
Total pasivo corriente | 1,615,432 | 6,359,439 | |
| |||
Pasivos no corrientes | |||
Pasivos por arrendamiento | 11,346 | 125,104 | |
Total pasivo no corriente | 11,346 | 125,104 | |
Pasivos totales | 1,626,778 | 6,484,543 | |
Total patrimonio y pasivos |
| 23,365,132 | 30,677,238 |
Estado de cambios en el Patrimonio Neto
para el año terminado el 31 de diciembre de 2023
Compartir £ | Compartir £ | Reserva de pago basada en acciones | Acumulado retenido | Total
£ | |
| |||||
Saldo al 1 de enero de 2023 | 9,309,660 | 33,150,786 | 1,535,202 | (19,802,953) | 24,192,695 |
Resultado integral del año | |||||
Pérdida del año | - | - | - | (2,961,353) | (2,961,353) |
Pérdida integral total del año | - | - | - | (2,961,353) | (2,961,353) |
| |||||
Contribuciones y distribuciones a propietarios | |||||
Emisión de acciones | - | 22 | - | - | 22 |
Costs of share issue & consolidation | - | (5,331) | - | - | (5,331) |
Opciones sobre acciones vencidas | - | - | (47,689) | 47,689 | - |
Pagos basados en acciones | - | - | 512,321 | - | 512,321 |
Contribuciones totales y distribuciones a los propietarios | - | (5,309) | 464,632 | 47,689 | 507,012 |
Saldo al 31 de diciembre de 2023 | 9,309,660 | 33,145,477 | 1,999,834 | (22,716,617) | 21,738,354 |
Saldo al 1 de enero de 2022 | 7,029,824 | 20,296,030 | 1,150,700 | (16,813,549) | 11,663,005 |
Resultado integral del año | |||||
Pérdida del año | - | - | - | (2,989,404) | (2,989,404) |
Pérdida integral total del año | - | - | - | (2,989,404) | (2,989,404) |
| |||||
Contribuciones y distribuciones a propietarios | |||||
Emisión de acciones | 2,279,836 | 13,679,014 | - | - | 15,958,850 |
Costos de emisión de acciones | - | (824,258) | - | - | (824,258) |
Pagos basados en acciones | - | - | 384,502 | - | 384,502 |
Contribuciones totales y distribuciones a los propietarios | 2,279,836 | 12,854,756 | 384,502 | - | 15,519,094 |
Saldo al 31 de diciembre de 2022 | 9,309,660 | 33,150,786 | 1,535,202 | (19,802,953) | 24,192,695 |
Estado de flujos de efectivo
para el año terminado el 31 de diciembre de 2023
|
| 2023 £ | 2022 £ |
flujos de efectivo por actividades operacionales |
| ||
Pérdida antes de impuestos |
| (2,848,523) | (2,989,404) |
Ingresos financieros | (388,403) | (129,301) | |
Costos financieros | 16,788 | 25,745 | |
Depreciación | 115,099 | 114,698 | |
Pérdida por enajenación de propiedades, planta y equipo | 500 | - | |
Write down of relinquished/impairment of intangible assets | 184,243 | 347,610 | |
Pagos basados en acciones | 512,321 | 384,502 | |
| (2,407,975) | (2,246,150) | |
Disminución de otras cuentas por cobrar | 10,112 | 81,991 | |
Disminución de cuentas por pagar comerciales y otras | (203,603) | (18,228) | |
Impuesto pagado | (24,055) | - | |
Salida neta de efectivo de las actividades operativas | (2,625,521) | (2,182,387) | |
Flujos de efectivo de actividades de inversión | |||
Compra de activos intangibles | (12,547,872) | (2,557,582) | |
Compra de propiedad, planta y equipo | (1,130) | (9,003) | |
Interés recibido | 446,795 | 56,606 | |
Salida neta de efectivo de las actividades de inversión |
| (12,102,207) | (2,509,979) |
Flujos de efectivo de actividades de financiación | |||
Ingresos de la emisión de acciones | 22 | 15,958,850 | |
Gastos de emisión de acciones | (5,331) | (824,258) | |
Pago de la parte principal de los pasivos por arrendamiento | (79,608) | (98,994) | |
Intereses de arrendamiento pagados | (16,788) | (25,745) | |
Efectivo neto (salida) / entrada de actividades de financiación |
| (101,705) | 15,009,853 |
(Disminución) / aumento de efectivo y equivalentes de efectivo |
| (14,829,433) | 10,317,487 |
Efectivo y equivalentes de efectivo al inicio del año |
| 20,409,692 | 10,092,205 |
Efectivo y equivalentes de efectivo al final del año |
| 5,580,259 | 20,409,692 |
Notas a los Estados Financieros
para el año terminado el 31 de diciembre de 2023
1. Políticas contables
Base de preparación
Los estados financieros han sido preparados de acuerdo con las Normas Internacionales de Contabilidad ('IAS') adoptadas en el Reino Unido y con las partes de la Ley de Sociedades de 2006 aplicables a las empresas que informan según las Normas Internacionales de Contabilidad ('IAS').
On 24 April 2023, the Company incorporated a subsidiary, Deltic Energy One Limited, a company incorporated in England and registered at 1st Floor 150 Waterloo Road, London, SE1 8SB. This subsidiary has been dormant from the date of incorporation. As it is not material for the purpose of giving a true and fair view, the Company has not consolidated its subsidiary, taking advantage of the exemption available under the Companies Act 2006 section 405, and has therefore not prepared consolidated financial statements.
La preparación de estados financieros de conformidad con las NIC requiere que la administración realice juicios, estimaciones y suposiciones que afectan la aplicación de políticas y los montos informados de activos y pasivos, ingresos y gastos. Las estimaciones y los supuestos asociados se basan en la experiencia histórica y en factores que se consideran razonables según las circunstancias, cuyo resultado forma la base para hacer juicios sobre los valores en libros de los activos y pasivos que no son fácilmente evidentes a partir de otras fuentes. Los resultados reales pueden diferir de esta estimación. Las áreas que involucran un mayor grado de juicio o complejidad, o donde los supuestos y estimaciones son significativos para los estados financieros, se revelan más adelante en esta nota.
La pérdida operativa se expresa después de cargar y acreditar todos los conceptos, excluyendo los ingresos y gastos financieros.
Las estimaciones y los supuestos subyacentes se revisan de forma continua. Las revisiones a las estimaciones contables se reconocen en el período en que se revisa la estimación si la revisión solo afecta a ese período o en el período de revisión y períodos futuros si la revisión afecta tanto al período actual como al futuro.
Preocupación continua
The Directors have completed the going concern assessment, including considering cash flow forecasts up to mid-2025, sensitivities, and stress tests to assess whether the Company is a going concern. The inherent nature of the Company means it is dependent on its existing cash resources, farming down of assets and its ability to raise additional funding in order to progress its operational programme on an ongoing basis. Having undertaken careful assessment, the Directors are of the view the Company will need to access additional funds during 2024 in order to fund on-going operations. It is anticipated these funds will primarily be sourced through farm downs, asset disposal, issuing new equity or a combination of these actions. The financial statements for the year to 31 December 2023 have been prepared assuming the Company will continue as a going concern. In support of this, the directors believe the liquid nature of the UK asset market combined with historical shareholder support, means it is likely that adequate funds can be accessed when required. However, the ability to access funds is not guaranteed at the date of signing these financial statements. As a consequence, this funding requirement represents a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. The Independent Auditor's Report to the members of Deltic Energy Plc for the year ended 31 December 2023 refers to this material uncertainty surrounding going concern.
2. Pérdida por acción
La pérdida básica por acción se calcula dividiendo la pérdida atribuible a los accionistas ordinarios entre el número promedio ponderado de acciones ordinarias en circulación durante el año.
Due to the losses incurred during the year, a diluted loss per share has not been calculated as this would serve to reduce the basic loss per share. There were 10,067,023 (2022: 8,142,023*) share options outstanding at the end of the year that could potentially dilute basic earnings per share in the future.
Pérdida por acción básica y diluida
2023 | 2022 | |
Pérdida por acción de operaciones continuas | (3.18) p | (3.94)p* |
La pérdida y el número promedio ponderado de acciones ordinarias utilizadas en el cálculo de la pérdida por acción son las siguientes:
2023 | 2022 | |
£ | £ | |
Pérdida utilizada en el cálculo de la pérdida básica total por acción | (2,961,353) | (2,989,404) |
Numero de veces compartido | 2023 | 2022 |
| Número | Número |
Número medio ponderado de acciones ordinarias a efectos de la pérdida básica por acción | 93,096,600 | 75,919,756* |
*Following the Share Consolidation on 25 May 2023, number of shares and share options and loss per share amounts have been retroactively adjusted for all periods presented to illustrate the effect of the 20 for 1 Share Consolidation.
3. Activos intangibles
| Activos de exploración y evaluación £ | Software £ |
Total £ | |
Cost | ||||
Al 1 de enero de 2022 | 2,203,118 | 39,257 | 2,242,375 | |
Adiciones | 7,913,969 | - | 7,913,969 | |
Anotar sobre los bienes cedidos | (347,610) | - | (347,610) | |
Al 31 de diciembre de 2022 | 9,769,477 | 39,257 | 9,808,734 | |
Adiciones | 7,877,990 | - | 7,877,990 | |
Anotar sobre los bienes cedidos | (21,127) | - | (21,127) | |
Al 31 de diciembre de 2023 | 17,626,340 | 39,257 | 17,665,597 | |
Amortización y deterioro | ||||
Al 1 de enero de 2022 | - | 39,257 | 39,257 | |
Cobrar por el año | - | - | - | |
Al 31 de diciembre de 2022 | - | 39,257 | 39,257 | |
Cargo por deterioro | 163,115 | - | 163,115 | |
Al 31 de diciembre de 2023 | 163,115 | 39,257 | 202,372 | |
Valor neto contable | ||||
Al 31 de diciembre de 2023 | 17,463,225 | - | 17,463,225 | |
Al 31 de diciembre de 2022 | 9,769,477 | - | 9,769,477 | |
Al 1 de enero de 2022 | 2,203,118 | - | 2,203,118 |
El valor contable neto de los activos de exploración y evaluación al 31 de diciembre de 2023 y 2022 se relaciona únicamente con las Licencias del Mar del Norte de la Compañía.
Additions of £7,877,990 (2022: £7,913,969) differ to the cash flows in the Statement of Cash Flows owing to a decrease in trade and other payables of £3,388,882 (2022: £3,052,066 increase) and a decrease in provisions of £1,281,000 (2022: £1,281,000 increase) relating to the plug and abandonment of the Pensacola exploration well that was completed in February 2023.
A charge of £21,127 was recognised during the year (2022: £nil) resulting from the write down on relinquished intangible assets following the decision to relinquish P2567 (Cadence).
An impairment charge of £163,115 was recognised during the year (2022: £nil) resulting from the impairment of P2428 (Cupertino) following likely decision not to renew the licence in 2024.
No impairment was recognised for the relinquishment of P2560, P2561 and P2562.
In the prior year, £347,610 (2023: nil) impairment was recognised resulting from the write down on relinquished intangible assets following the decision to relinquish Licence P2435 (Blackadder) and Licence P2537 (Dewar).
4. Propiedades, planta y equipo
Mejoras arrendatarias | Alquiler de oficina | Partidos de fútbol y accesorios | Equipo de computadora | Total | |
£ | £ | £ | £ | £ | |
Cost | |||||
Al 1 de enero de 2022 | 87,769 | 404,650 | 45,800 | 35,239 | 573,458 |
Adiciones | 3,931 | - | - | 5,072 | 9,003 |
Al 31 de diciembre de 2022 | 91,700 | 404,650 | 45,800 | 40,311 | 582,461 |
Adiciones | - | - | - | 7,680 | 7,680 |
Disposiciones | - | - | (544) | (4,560) | (5,104) |
Al 31 de diciembre de 2023 | 91,700 | 404,650 | 45,256 | 43,431 | 585,037 |
Depreciación | |||||
Al 1 de enero de 2022 | 25,927 | 134,883 | 9,758 | 17,650 | 188,218 |
Cobrar por año | 18,901 | 80,930 | 6,870 | 7,997 | 114,698 |
Al 31 de diciembre de 2022 | 44,828 | 215,813 | 16,628 | 25,647 | 302,916 |
Cobrar por año | 19,314 | 80,931 | 6,870 | 7,984 | 115,099 |
Disposiciones | - | - | (336) | (4,269) | (4,605) |
Al 31 de diciembre de 2023 | 64,142 | 296,744 | 23,162 | 29,362 | 413,410 |
Valor neto contable | |||||
Al 31 de diciembre de 2023 | 27,558 | 107,906 | 22,094 | 14,069 | 171,627 |
Al 31 de diciembre de 2022 | 46,872 | 188,837 | 29,172 | 14,664 | 279,545 |
Al 1 de enero de 2022 | 61,842 | 269,767 | 36,042 | 17,589 | 385,240 |
La categoría de arrendamiento de oficinas refleja un activo por derecho de uso relacionado con los locales de oficinas ocupados por la Compañía.
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.