Cluff Natural Resources plc Extension of Southern North Sea Licences (6350X)
November 27 2017 - 9:33AM
UK Regulatory
TIDMCLNR
RNS Number : 6350X
Cluff Natural Resources plc
27 November 2017
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.
27 November 2017
Cluff Natural Resources Plc / Index: AIM / Epic: CLNR / Sector:
Natural Resources
Cluff Natural Resources Plc ('CNR' or 'the Company')
Extension of Southern North Sea Licences
Cluff Natural Resources Plc, the AIM quoted natural resources
investing company, is pleased to announce that the UK's Oil &
Gas Authority ("OGA") has confirmed that the Company's two 100%
owned Southern North Sea Gas licences, P2248 and P2252, which are
estimated to contain combined net P50 prospective resources of 2.4
Trillion Cubic Feet of gas, will be extended, subject to the
achievement of certain milestones, for a further year.
Accordingly, both the Promote Period and the Initial Term of
each licence will run until 30 November 2018, subject to a farm-out
being achieved by 31 May 2018 and a drill or drop decision being
made by 30 September 2018.
The technical milestones that are to be achieved pursuant to the
extension of the licences are in accordance with the Company's
planned work programme.
As referenced in previous announcements made this year, the
Company has received interest from a number of parties viewing the
data room for the farm-out process in respect of P2248 and P2252,
and CLNR remains in dialogue with those companies who have shown
interest in the portfolio to date.
Commenting CLNR's Chairman and Chief Executive Algy Cluff
said:
"We are very pleased that the OGA has granted our request to
extend both of our licences. This ensures that we will be able to
continue our farm-out negotiations from a stronger position, which
increases the probability of the drilling of one or more wells on
our licences. In the meantime, we have submitted our applications
for further licences in the current UK Offshore Licensing Round
which are due to be announced in Q2 2018, as well as continuing to
assess additional investment opportunities. Our immediate priority,
however, remains the creation of value for shareholders by securing
the investment required to drill our two highly prospective P2248
and 2252 licences, and we are in discussions with potential farm-in
partners in this regard."
**ENDS**
For further information please contact the following:
Cluff Natural Resources Tel: +44 (0) 20 7887
Plc 2630
Algy Cluff / Graham Swindells
/ Andrew Nunn
Allenby Capital Limited (Nominated Adviser Tel: +44 (0) 20 3328 5656
& Broker)
David Hart / Alex Brearley / Asha Chotai (Corporate
Finance)
Chris Crawford / Katrina Perez (Corporate
Broking)
St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
Lottie Wadham / Frank Buhagiar
(Financial PR)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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