Deltic Energy : Results Presentation April 2023 (2.06MB)

BUILDING UPON EXPLORATION SUCCESS APRIL 2023

Important Notice

The information contained in this document (the "Presentation") has been prepared and distributed by Deltic Energy PLC (the "Company"). It has not been fully verified and is subject to material updating, completion, revision, verification and further amendment. This Presentation has not been approved by an authorised person in accordance with Section 21 of the Financial Services and Markets Act 2000, as amended ("FSMA"). The securities mentioned herein have not been and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or under any U.S. State securities laws, and may not be offered or sold in the United States unless they are registered under the Securities Act or pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act. This Presentation is for information purposes only and does not constitute, and the Company is not making, an offer of securities.

While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation.

Prospective investors must rely on their own examination of the legal, taxation, financial and other consequences of an investment in the Company, including the merits of investing and the risks involved. Prospective investors should not treat the contents of this Presentation as advice relating to legal, taxation or investment matters and are advised to consult their own professional advisers concerning any acquisition of shares in the Company. This Presentation should not be considered a recommendation by the Company or any of its affiliates in relation to any prospective acquisition of shares in the Company.

Certain of the information contained in this Presentation has been obtained from published sources prepared by other parties. Certain other information has been extracted from unpublished sources prepared by other parties which have been made available to the Company. The Company has not carried out an independent investigation to verify the accuracy and completeness of such third party information. No responsibility is accepted by the Company or any of its directors, officers, employees or agents for the accuracy or completeness of such information.

All statements of opinion and/or belief contained in this Presentation and all views expressed represent the directors' own current assessment and interpretation of information available to them as at the date of this Presentation. In addition, this Presentation contains certain "forward-looking statements", including but not limited to, the statements regarding the Company's overall objectives and strategic plans, timetables and capital expenditures. Forward-looking statements express, as at the date of this Presentation, the Company's plans, estimates, forecasts, projections, opinions, expectations or beliefs as to future events, results or performance. Forward-looking statements involve a number of risks and uncertainties, many of which are beyond the Company's control, and there can be no assurance that such statements will prove to be accurate. No representation is made or assurance given that such statements or views are correct or that the objectives of the Company will be achieved. The reader is cautioned not to place reliance on these statements or views and no responsibility is accepted by the Company or any of its directors, officers, employees or agents in respect thereof. The Company does not undertake to update any forward-looking statement or other information that is contained in this Presentation. Neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the information contained in this Presentation or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation.

This document may not be reproduced, copied, published, distributed or circulated, to any third party, in whole or in part, or published in whole or in part for any purpose, without the express prior consent of the Company.

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Deltic Energy - delivering our UK natural gas exploration strategy

Focusing on high impact gas exploration in the Southern North Sea

First well resulted in 302 BCF discovery on Pensacola in January 2023

Second well targeting 318 BCF Selene prospect being planned for Q3 2024

Extensive prospect inventory has potential to deliver further wells

Deltic is highly geared towards exploration success

Currently trading at c. 85% discount1 to risked NAV despite success at Pensacola

End of year cash of GBP£20.4M with no major cost exposure until mid-20242 Retention of high equity positions in key licences allows for strategic flexibility

Developing relationships with world class JV partners

Successfully attracted inward investment from Shell and Capricorn Teesside Allows Deltic to leverage the technical capabilities of major E&P companies Non operated model keeps overheads low

Helping secure the future of domestic gas production in the UK

Natural gas is a key part of the energy mix during the transition Net Zero Domestic production is lower carbon and key for UK energy security UK production provides UK jobs and tax revenue

Pensacola

Capricorn JV

Area

EasingtonSelene

Bacton

1. Based upon analyst consensus. 2 Post payment of Pensacola well costs

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Deltic positioning itself as a leading UKCS explorer

Building on the largest Southern North Sea gas discovery in a decade

302 BCF Discovery at Pensacola delivered on pre-drill expectations

30% equity in Shell-operated well that discovered gas in January 2023 Post-well analysis underway, feeding into appraisal and development planning Deltic evaluating early value crystallisation opportunities

Drilling Selene in Q3 2024 - high impact, low risk appraisal well

50% equity with partial carry in Shell-operated appraisal well targeting 318 BCF of gas Located in heart of mature Leman Sandstone Fairway

Simple development through nearby production infrastructure

Examining the option to further farm-downpre-drill to reduce cost exposure

Maturing a multi-asset portfolio with diverse opportunity set

Large prospect inventory has potential to deliver additional exploration wells Multi-TCF Gas Initially In Place resource across a diverse range of prospects 33rd Offshore Licensing Round could further diversify the portfolio

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Progressing appraisal planning on Pensacola

Deltic has a 30% equity share of the most exciting discovery in the UK in recent times

Largest gas discovery in SNS since Tolmount in 2011

Gross P50 Estimated Ultimate Recoverable Resources of 302 BCF (P90-P10 Range = 164 to 519 BCF)

First well proved commercial volumes of gas present and will be used to define appraisal requirements

Appraisal drilling anticipated late 2024 to underpin the development concept and export pipeline requirements

Upside and follow-on opportunities being evaluated

Preliminary post-well analysis demonstrates potential for improved reservoir quality and flow rates across top of the structure

No water contact found by the well with gas and oil flowing on test from below the mapped four way dip closure

Upside associated with the oil being evaluated - wide range, potentially very material

Sample of oil recovered	Flaring gas during the well test	White light and UV core photos showing	Post-drill geological model for Pensacola
to surface		visible porosity

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