Cluff Natural Resources plc Extension to Exclusivity Agreement (7483O)
01 February 2019 - 6:00PM
UK Regulatory
TIDMCLNR
RNS Number : 7483O
Cluff Natural Resources plc
01 February 2019
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.
1 February 2019
Cluff Natural Resources Plc ('CLNR' or 'the Company')
Extension to Exclusivity Agreement for Licence P2252
Further to its announcement on 28 November 2018, 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, provides an update regarding its
exclusivity agreement with a major oil and gas company for its
Southern North Sea Gas licence P2252.
As previously announced, the Company signed an exclusivity
agreement (the "Agreement") on Licence P2252 with a major
international oil and gas company (the "Counterparty"), whereby
exclusivity was granted to the Counterparty subject to a definitive
farm out agreement being entered into by 31 January 2019 (the
"Exclusivity Period").
The Company announces that discussions with the Counterparty
regarding a definitive farm out agreement are at an advanced stage,
though have not yet concluded. As a result, the Exclusivity Period
has been extended by one week. Therefore, exclusivity continues to
be granted to the Counterparty, subject to a definitive farm out
agreement being entered into by 7 February 2019.
The Company will provide further updates in due course.
**ENDS**
For further information please contact the following:
Cluff Natural Resources Plc Tel: +44 (0) 20 7887
2630
Algy Cluff / Graham Swindells / Andrew Nunn
Allenby Capital Limited (Nominated Adviser Tel: +44 (0) 20 3328
& Broker 5656
David Hart / Alex Brearley / Asha Chotai
(Corporate Finance)
Camarco Ltd Tel: +44 (0) 20 3781
8334
Owen Roberts / James Crothers / Emily Hall
(Financial PR)
Notes to Editors
Cluff Natural Resources is a natural resources investing company
listed on the AIM market on the London Stock Exchange (CLNR.L)
primarily focussed on the Southern North Sea gas basin, with a high
impact portfolio of operated, high working interest exploration and
appraisal assets.
On 23 May 2018, the Company was provisionally awarded an
additional 6 licences in the Southern and Central North Sea by the
UK Oil and Gas Authority in the UK's 30th Offshore Licencing Round.
These blocks contain oil as well as gas prospects and are estimated
to contain 1.9 TCF of P50 prospective resources.
Cluff Natural Resources is focused on extracting much needed gas
from the North Sea to supply the UK's energy mix which is currently
heavily reliant on foreign supply. The Company is focussed on
securing partners and funding to embark on a drilling campaign on
the proven fairways of the Southern North Sea basin.
The Company has a strong institutional investor base and a
portfolio which offers a unique opportunity of high quality, low
risk and low-cost drilling prospects with potentially high impact
results in an area where recent exploration has targeted both
mature and new plays and has resulted in large discoveries.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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