RE: RNS28 Nov 2018 07:17
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
28 November 2018
Cluff Natural Resources Plc / Index: AIM / Epic: CLNR / Sector: Natural Resources
Cluff Natural Resources Plc ('CLNR' or 'the Company')
Exclusivity Agreement & 28th Round Licence Extensions
Cluff Natural Resources Plc, the AIM quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern North Sea gas basin, is pleased to announce the signing of an exclusivity agreement with a major international oil and gas company and provides an update on the status of its two 100% owned Southern North Sea Gas licences P2252 and P2248, which were awarded in the UK's 28th Licensing Round.
Highlights
· Six-month Initial Term licence extensions granted for both P2252 and P2248 licences to 31 May 2019
· Exclusivity Agreement signed with major international oil and gas company for Licence P2252
· Licence P2252 extended subject to the Company committing to a seismic and well work programme by 28 February 2019
· Licence P2248 extended subject to the Company being in a position to make a firm well commitment by 28 February 2019
· Advanced negotiations ongoing on Licence P2248 with the Company's preferred bidder, on a non-exclusive basis
Exclusivity Agreement
Following discussions with multiple data room entrants, the Company has signed an exclusivity agreement (the "Agreement") on Licence P2252 with a major international oil and gas company (the "Counterparty"). Exclusivity has been granted to the Counterparty subject to a definitive farm out agreement being entered by 31 January 2019 and completion by 28 February 2019.
Given the exclusivity arrangement, discussions and negotiations with other potential partners on the P2252 licence have been ended and the P2252 data room closed while the Agreement is in place.
Despite entry into the Agreement, no assurance can be provided that a commercial transaction will ultimately be concluded with the Counterparty. The Company will provide further updates in due course.
28th Round Licence Extensions
Following a request for an extension to the Initial Term of both the P2252 and P2248 licences, the UK Oil and Gas Authority ("OGA") has confirmed that it will allow the Initial Term of both licences, in which the Company currently owns a 100 per cent. interest, to extend for a period of six months until 31 May 2019, subject to further work programme commitments being made.
These commitments are that, for P2252, by 28 February 2019 the Company commits to a seismic and well work programme on the Pensacola Prospect, and, for P2248, the Company makes a firm wel
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