In an operational stock-exchange update, independent UK explorer Deltic Energy said March 11 that its assets were undervalued. CEO Andrew Nunn said: “The magnitude of the divergence between Deltic’s share price and the company’s valuation of its stake in the Selene Gas Project is clearly a cause of frustration for both shareholders and the board, especially given the quality of the asset and commitment of the joint-venture partners.” He added that its reduction of corporate overheads and its year-end cash position of £1.4mm gave the board the flexibility to progress potential funding options to move to a final investment decision for Selene “and beyond.”
He also said there has been “a slight improvement in sentiment towards the sector…. As recent events have demonstrated, it has never been clearer that a secure domestic energy supply is a vital national asset and Deltic’s work could be a key contributor to delivering that for the UK in the coming years.”
URL: https://delticenergy.com/
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