31 May 2018 07:00
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.
31 May 2018
Cluff Natural Resources Plc / Index: AIM / Epic: CLNR / Sector: Natural Resources
Cluff Natural Resources Plc ('CLNR' or 'the Company')
Continuation of Southern North Sea Licences
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 that the UK Oil and Gas Authority ("OGA") has confirmed that it has waived its requirement for a farm-out to have been concluded by 31 May 2018 on the Company's two 100% owned Southern North Sea Gas licences, P2248 and P2252.
Accordingly, both the Promote Period and the Initial Term of each licence will continue to run until 30 November 2018, subject to a drill or drop decision being made by 30 September 2018.
This will allow the Company to continue the farm out process in respect of P2248 and P2252, while also exploring various additional forms of financing which will support its ultimate aim of drilling one or more wells on these licences.
Commenting CLNR's Chief Executive Graham Swindells said:
"We are very pleased that the OGA has granted our request to continue both of our high impact licences in the Southern North Sea gas basin, an area in which we continue to see significant value. With the OGA's support, we are able to continue the process of securing partners and funding to drill one or more wells in 2019.
"With the addition of blocks awarded to the Company in our successful application for licences in the 30th UK Offshore Licensing Round, which has taken the estimated P50 prospective resource base in the Company's portfolio to 4.3 TCF of gas, we believe the Company is in a strong position for growth."
**ENDS**
For further information please contact the following:
|
| ||||||||||||||||||||||||||||
Notes to Editors
Cluff Natural Resources is a natural resources investing company listed on the AIM market on the London Stock Exchange (CLNR.L) primarily focussed on the Southern North Sea gas basin, with a high impact portfolio of operated, high working interest exploration and appraisal assets.
The Company have 100% of Licenses P2248 and P2252 in the North Sea gas basin with a significant P50 prospective resource base of 2.4TCFacross 11 prospects with chances of success ranging from 9 to 49%. Additionally, the Company has recently been provisionally awarded 11 blocks in the UK's 30th Offshore Licensing Round which contain an estimated 1.9 TCF of P50 prospective resource.
Cluff Natural Resources is focused on extracting much needed gas from the North Sea to supply the UK's energy mix which is currently heavily reliant on foreign supply. The Company is focussed on securing partners and funding to embark on a drilling campaign on the proven fairways of the Southern North Sea basin in 2019.
The Company has a strong institutional investor base and a portfolio which offers a unique opportunity of high quality, low risk and low-cost drilling prospects with potentially high impact results in an area where recent exploration has targeted both mature and new plays and has resulted in large discoveries.