5th Aug 2019 13:01
(Alliance News) - Cluff Natural Resources PLC on Monday said licence P2252 in the southern North Sea operator, Shell UK Ltd, has commenced a 3D seismic survey over the Pensacola prospect.
Cluff holds a 30% non-operated interest in licence P2252, including the Pensacola prospect, which is estimated to contain gross prospective resources of 309 billion cubic feet of gas in an untested Zechstein Reef.
The AIM-listed investment company said the survey is being conducted by Shearwater GeoServices using the Polar Empress and field operations are expected to take two weeks to complete.
Cluff reported that the vessel arrived on site on Friday last week with data acquisition commencing Monday.
This seismic acquisition will be followed by a period of data processing, with final results expected to be received in early third quarter of 2020.
The Pensacola prospect is an exciting opportunity, worked up by the Cluff team, and the acquisition of high quality modern 3D seismic over the prospect is a key step in de-risking future exploration drilling activities," said Cluff Chief Executive Graham Swindells.
Cluff shares were trading 3.3% lower on Monday in London at 1.60 pence each.
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