Deltic Energy plc needs to find £15 million for its share of costs for the Pensacola discovery or withdraw from the project if it fails to find a farm-in partner by the end of May.
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The company also warned it might not be able to obtain alternative sources of capital or on acceptable terms.
Deltic holds a 30% interest in licence P2252 in the southern North Sea, where operator Shell is due drill the appraisal well later this year.
The company said that the Energy Profits Levy and fiscal uncertainty had resulted in many operators investing outside the UK Continental Shelf or delaying investment decisions, especially in new large-scale opportunities such as Pensacola.
Chief executive Graham Swindells added that there was increased interest in “more affordable, lower risk opportunities” in Selene and Syros in the central North Sea.
“We look forward to the start of drilling operations on the high impact Selene exploration well, in which Deltic is fully carried for the estimated cost of the success case well, which remains due to spud in July 2024.
“In the meantime, we will continue to pursue all avenues to progress Pensacola.”
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