Deltic Energy PLC (AIM:DELT) said its partner Shell has started preparations to move the Maersk Resilient drilling rig to the Pensacola location in the North Sea.
Mobilisation is planned to occur in early November with drilling of the well expected to commence in the middle of the month.
Pensacola is the first of two wells Deltic is drilling in partnership with Shell in the North Sea, with the oil major committing to the second, Selene, in July.
Deltic’s estimates for Pensacola put the prospect’s gross P50 prospective resources at around 309bn cubic feet of gas, which would make it one of the highest-impact gas exploration targets in the region recent years.
The AIM-listed group has a 30% stake in the well with Shell, which is the operator, owning the remainder.