- Natural resources investing company Deltic Energy slashed its first-half losses as lower expenses boosted performance.

For the six months ended 30 June 2020, pre-tax losses narrowed to £869K from £1.56m on-year as total administrative expenses fell to £920K from £1.6m.

The company said the lower oil price environment had led to delays and cancellations of numerous E&P projects worldwide, but added that Pensacola would be drilled in H2 next year.

'The Shell-Deltic partnership remained committed to drilling the Pensacola well in the second half of next year, within the timelines originally agreed with the OGA, with Selene now expected to follow shortly after in 2022,' it added.

At 8:45am: [LON:DELT] share price was +0.03p at 0.85p

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