Deltic Energy PLC (AIM:DELT) said it had received an extension from licence holder Shell UK for Licence P2252 which gives it until June 12 to negotiate with potential partners to conclude a possible transaction.
However, investors were told there is no guarantee of a successful outcome within this period.
If discussions are not concluded successfully, Deltic will withdraw from the Pensacola licence and transfer its interest to its joint venture partners.