CLNR.L Share News (CLNR)

(Sharecast News) - Natural resource investment company Cluff Natural Resources announced on Thursday that, alongside its operating partner Shell UK, it has completed a broadband 3D seismic survey extending to about 420 square kilometres over the Pensacola Prospect on licence P2252 in the Southern North Sea.
The AIM-traded firm said the survey, conducted by Shearwater GeoServices using the Polar Empress, was completed on time and with no health, safety or environmental incidents.

It said the data collection started on 4 August, and was completed on 21 August, with demobilisation commenced shortly thereafter.

The data collected would now be processed, along with the existing legacy dataset, to pre-stack depth migration, with the final results expected to be received by early in the third quarter of 2020, although some interim results might be available before that date.

Under the terms of the farm-in agreement, Shell was paying 100% of the costs of the seismic acquisition, processing and interpretation work programme until the end of 2020, or until a well investment decision was made.

The partnership was still on course to meet the timelines agreed with the Oil and Gas Authority, Cluff reported, and a decision on the contingent well commitment was expected to be taken in the second half of 2020.

Cluff holds a 30% non-operated interest in licence P2252 and the Pensacola prospect, which was estimated to contain gross P50 prospective resources of 309 billion cubic feet in an untested Zechstein Reef.

"We would like to thank Shell and Shearwater for completing a safe and efficient acquisition programme in what were challenging weather conditions for this time of year," said Cluff chief executive officer Graham Swindells.

"The PSDM datasets represent a key step towards the drilling of an exploration well on the Pensacola prospect and we look forward to receiving the final products in due course.

"While awaiting delivery of the newly acquired seismic data, we continue to work with Shell on licence P2437 as we progress the Selene prospect towards a drilling decision."