Deltic Energy : 2022 AGM Presentation (1.82MB)

AGM PRESENTATION

15 JUNE 2022

Important Notice

By accepting this document, and in consideration for it being made available to such recipient, each recipient agrees to keep strictly confidential the information contained in it and any information otherwise made available by Deltic Energy Plc (the "Company"), whether orally or in writing. In the case of a corporate recipient, this presentation may only be disclosed to such of its directors, officers or employees who are required to review it for the purpose of deciding whether to make an investment in the Company. This document has been provided to each recipient at their request, solely for their information, and 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.

The purpose of this document is solely to provide information to persons who have expressed an interest in investigating the possibility of investing in the Company.

The information contained in this confidential document (the "Presentation") has been prepared and distributed by 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 does not constitute, and the Company is not making, an offer of transferable securities to the public within the meaning of sections 85B and 102B of FSMA and it is being delivered for information purposes only to a very limited number of persons and companies who are 'qualified investors' within the meaning of section 86(7) of FSMA purchasing as principal or in circumstances under section 86(2) of FSMA, as well as persons who have professional experience in matters relating to investments and who fall within the category of persons set out in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or are high net worth companies within the meaning set out in Article 49 of the Order or are certified sophisticated investors within the meaning set out in Article 50 of the Order or are otherwise permitted to receive it (together, the "Relevant Persons"). This Presentation is directed only at Relevant Persons and must not be acted on or relied upon by persons who are not Relevant Persons. Any other person who receives this Presentation should not rely or act upon it. By accepting this Presentation and not immediately returning it, the recipient is deemed to represent and warrant that: (i) they are a person who falls within the above description of persons entitled to receive the Presentation; (ii) they have read, agree and will comply with the contents of this notice; and (iii) they will use the information in this document solely for evaluating your possible interest in acquiring securities of the Company.

This Presentation is not being made available to persons in Australia, Canada, Japan, the Republic of Ireland, the Republic of South Africa or any other jurisdiction in which it may be unlawful to do so and it should not be delivered or distributed, directly or indirectly, into or within any such jurisdictions.

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.

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.

Neither the issue of this Presentation nor any part of its contents is to be taken as any form of contract, commitment or recommendation on the part of the Company or the directors of the Company to proceed with any transaction or accept any offer and the right is reserved to terminate any discussions or negotiations with any prospective investors. The Company reserves the right without any notice or liability to the recipient of this Presentation or its advisers to: (i) change any of the procedures, timetable or requirements or terminate negotiations at any time prior to the signing of any binding agreement with investors; (ii) provide different information or access to information to different persons; (iii) agree variations to the property, rights and liabilities comprised in the Company; and (iv) negotiate at the same time with more than one person. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of 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.

No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Company or any of its affiliates, any of its directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation and no responsibility or liability is accepted for any such information or opinions or for any errors or omissions.

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Deltic is positioned for success in 2022 and beyond

Established UK North Sea gas focussed exploration company

High quality prospects have attracted world class partners in Shell and Capricorn

Portfolio contains multiple drill ready opportunities

Gas price has improved significantly, further supporting long term investment

Government support for investment in domestic exploration and production is high

Site works will commence in July to support drilling at Pensacola in Sept 2022

New licensing round is expected before end of 2022 - feeding the conveyor belt of opportunities

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Recent achievements and activity

Deltic is the most active UK focussed junior explorer

Twenty three licences awarded over three offshore licensing rounds Five licences farmed out to Capricorn in 2021 - SNS core acreage Two licences farmed out to Shell in 2019 - Pensacola and Selene USD$1.6M in back costs recovered via farm-ins

Fully carried through two new 3D surveys covering 1,100km2 with estimated gross value of c.USD$14M First well committed - Pensacola 309 BCF* (59 mmboe recoverable, 30% WI) to spud in Sept 2022 Further well decision pending - Selene 318 BCF* (60 mmboe recoverable, 50% WI)

Five further potential drill or drop wells on Capricorn acreage One active farm-out process on Dewar Prospect in CNS

Additional farm-out process on Syros Prospect to be launched in 2H 2022 Planning for multiple applications in upcoming 33rd offshore licensing round

* P50 Prospective Resources

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Licence Portfolio

Strategic mature basin position built over three licence rounds

Southern North Sea	Central North Sea

Eleven Licences in total

Two Operated Licences (100% WI) Nine Non-Operated(25-50% WI) JVs with Shell & Capricorn

All located near established infrastructure

Net P50 Resources >1.25 TCF (c. 200 mmboe) 90% of net resource is Natural Gas

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