Deltic Energy has a little longer to agree farm-in terms for its Licence 2252 which contains the Pensacola prospect, it said in a stock-exchange statement June 3. The deadline was the end of May but operator Shell UK has granted Deltic until June 12 to progress discussions.
“There is however no guarantee that discussions will be concluded successfully within that timeframe and, in such circumstances, Deltic will be required to withdraw from the Pensacola licence and transfer its interest in Pensacola to its joint venture partners,” Deltic said.
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