last end22 Jan 2019 08:28
to it in the UK's 30th Offshore Licensing Round, which added an estimated 1.9 TCF of prospective resources to the portfolio.
Commenting CLNR's Chief Executive Graham Swindells said:
"We are delighted to have selected a highly regarded international oil and gas major as our preferred partner for P2252, which contains the Pensacola Prospect. This represents a major step forward for the licence and reflects the significant amount of work the team has done to de-risk it. We look forward to working closely with the Counterparty and updating the market in due course."
"The board and I are also very pleased that the Initial Term of both of these highly prospective licences is to be extended. With the OGA's support, we are now able to continue discussions to secure partners in an oil and gas sector with an improved appetite for high impact exploration and an increasingly positive outlook for the North Sea."
"Our immediate focus will now be to complete negotiations with the parties with whom we are in discussion and progress towards agreeing farm outs whilst, in tandem, continuing to evaluate the highly