27th Sep 2018 15:45
LONDON (Alliance News) - Cluff Natural Resources PLC said on Thursday that its promote period and initial term on licences P2248 & P2252 will continue as originally scheduled until the end of November.
Shares in Cluff Natural Resources were up 9.9% at 2.28 pence on Thursday.
The two licences are situated in the North Sea gas basin with a significant P50 prospective resource base of 2.4 trillion cubic feet.
This is due to the UK Oil &Gas authority not enforcing the milestone that a drill or drop decision had to be made by the end of September. This will allow Cluff to continue its farm out process explore various of financing to support it aim of drilling wells within the licence.
The company said it has seen a significant increase in the level of interest for the licences, but stressed it could make no guarantee that any discussions would be concluded positively.
"In a period of rising oil and gas prices, the industry has experienced a rapid shift in focus from cash preservation and production maintenance towards investing in exploration and reserves replacement activity. This shift in momentum towards investing in North Sea exploration is having a positive impact on our farm-out process and we remain confident of being able to achieve our ultimate aim of securing the necessary partners and investment to allow wells to be drilled on these two licences," said Chief Executive Graham Swindells.
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