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.”
Algy Cluff is celebrating. His oil and gas firm, Cluff Natural Resources, hit the jackpot in the North Sea last week when it won exploration licences for an area the size of Bedfordshire.
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