Cluff Natural Resources plc Update on North Sea Licences P2253 & P2258 (7156N)
28 October 2016 - 5:59PM
UK Regulatory
TIDMCLNR
RNS Number : 7156N
Cluff Natural Resources plc
28 October 2016
Cluff Natural Resources Plc / Index: AIM / Epic: CLNR / Sector:
Natural Resources
28 October 2016
Cluff Natural Resources Plc ('CLNR' or 'the Company')
Update on North Sea Licences P2253 & P2258
In the Company's most recent announcement of 19 October the
Company announced that it had received an extension on both of its
100% held licences (P2248 and P2252) for a further year to 30
November 2017 and that an extension had been applied for on its 50%
held licences (P2253 and P2258) by Burgate E&P Ltd ("Burgate"),
the operator of those licences.
Burgate has been informed that the Oil & Gas Authority
("OGA") will not grant an extension of the initial term of Licences
P2253 and P2258 which means these licences will expire on 30
November 2016. The OGA has however indicated that it expects to
make these licences available in the next Licencing Round which is
planned for the first half of 2017 where the Company will have the
opportunity to re-apply for the licences under the OGA's new more
favourable "Innovate Terms".
In the meantime, the Company's priority will continue to be the
advancement of and farm-out of its two most advanced licences,
being Licence P2248, on which it recently announced P50 prospective
resources of 1.73 TCF, and Licence P2252 (both of which are owned
100% by CLNR).
Commenting CLNR's Chairman and Chief Executive Algy Cluff
said:
"These two 50% held licences represent the least mature assets
in our oil and gas licence portfolio and a small proportion of our
overall resource base. Our primary goal remains to pursue and
secure the farm-out of our two most developed 100% held Licences,
P2248 and P2252, both of which we consider to be highly prospective
and have the potential to transform our company."
**ENDS**
For further information please visit
www.cluffnaturalresources.com or contact the following:
Cluff Natural Resources Tel: +44 (0) 20 7887
Plc 2630
Algy Cluff/ Graham Swindells/Andrew
Nunn
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886
2500
Adam James/Atholl Tweedie
(Corporate Finance)
Tom Salvesen (Corporate
Broking)
Allenby Capital Limited Tel: +44 (0) 20 3328
5656
Chris Crawford/Katrina Perez
(Corporate Broking)
St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
Lottie Brocklehurst/Frank
Buhagiar
(Financial PR)
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEAKEPAALKFEF
(END) Dow Jones Newswires
October 28, 2016 02:59 ET (06:59 GMT)
Deltic Energy (LSE:DELT)
Historical Stock Chart
From Apr 2024 to May 2024
Deltic Energy (LSE:DELT)
Historical Stock Chart
From May 2023 to May 2024