RE: BOOM SHELL30 Apr 2019 11:23
Commenting, Cluff's Chief Executive Graham Swindells said:
"We are delighted to be able to continue to build on our relationship with Shell in the Southern North Sea following confirmation that they will now partner with us on Licence P2347, in addition to our existing partnership on Licence P2252, containing the 309 BCF (P50 Gross Prospective Resources) Pensacola prospect (Cluff, 30% working interest).
Shell's continuing interest in the Company's portfolio of Southern North Sea prospects is a testament to our licensing strategy and the ability of our technical team to identify, evaluate and communicate the potential of overlooked opportunities within the UK's mature basins.
The Company now has direct visibility over the future drilling activity of two prospects containing gross P50 Resources of c. 600 BCF of gas. Both opportunities have the potential to create significant value for shareholders whilst reducing the overall exploration risk profile through a portfolio approach.
We look forward to working closely with Shell over the coming months to progress the various workstreams to support the well investment decision."