DELT

Deltic Energy PLC

Energy First-pass screen £5.12m

160/1000 Overall fit

AI beneficiary 35% 5

Operating leverage 25% 20

Valuation 25% 30

Downside protection 15% 15

First-pass take

Pre-revenue North Sea oil & gas explorer with zero AI exposure. Selene gas discovery (FID early 2027, first gas H1 2029) is technically sound but distant. Material going-concern doubt; company acquisition-dependent on Viaro Energy completion. Net debt position with £2.8m annual losses before writedowns.

Flags

loss-makinggoing-concernnet-debtpre-revenueacquisition-targetcyclicalexploration-stagepolitical-risk