Cluff Natural Resources plc Operations Update - Licence P2252 (8195H)
05 August 2019 - 4:00PM
UK Regulatory
TIDMCLNR
RNS Number : 8195H
Cluff Natural Resources plc
05 August 2019
5th August 2019
Cluff Natural Resources Plc ('Cluff' or 'the Company')
Operations Update - Licence P2252
Cluff Natural Resources Plc, the AIM quoted natural resources
investing company with a high impact exploration and appraisal
portfolio focused on the Southern and Central North Sea, is pleased
to announce that Licence Operator, Shell U.K. Ltd (or "Shell"), has
commenced a 3D seismic survey over the Pensacola Prospect on
Licence P2252 in the Southern North Sea.
The survey is being conducted by Shearwater GeoServices using
the Polar Empress and field operations are expected to take
approximately two weeks to complete. The vessel arrived on site on
Friday 2 August 2019 with data acquisition commencing today. This
seismic acquisition will be followed by a period of data
processing, with final results expected to be received in early Q3
2020.
Cluff holds a 30% non-operated interest in Licence P2252,
including the Pensacola prospect, which is estimated to contain
gross P50 Prospective Resources of 309 BCF in an untested Zechstein
Reef.
Commenting, Cluff's Chief Executive Graham Swindells said:
"Our participation in this seismic survey represents the first
field operations for Cluff and is clearly an important milestone in
the development of the Company as it pursues its ambition to become
one of the leading exploration companies operating in the UKCS. 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."
For further information please contact the following:
Cluff Natural Resources Plc Tel: +44 (0) 20 7887
2630
Graham Swindells / Andrew Nunn
Allenby Capital Limited (Nominated Adviser Tel: +44 (0) 20 3328
& Joint Broker) 5656
David Hart / Alex Brearley / Asha Chotai
(Corporate Finance)
Stifel Nicolaus Europe Limited (Joint Broker) Tel: +44 (0) 20 7710
7600
Callum Stewart / Nick Rhodes / Ashton Clanfield
Camarco Ltd Tel: +44 (0) 20 3757
4983
Billy Clegg/James Crothers / Owen Roberts
(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) with
a high impact portfolio of operated and, following a farm-out to
Shell U.K. Limited in February 2019, non-operated exploration and
appraisal assets located within the UKCS's mature hydrocarbon
basins. The Company's diversified portfolio contains near term,
infrastructure focussed oil and gas exploration drilling
opportunities in both the Central and Southern North Sea together
with larger, high impact opportunities in new play types along the
northern margin of the Southern Gas Basin.
The portfolio has a significant P50 prospective resource base in
excess of 2.4 TCF (gross, gas equivalent) across a number of
prospects with chances of success ranging from 9 to 49%.
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. Following a successful farm-out
of Licence P2252 and P2437 to Shell U.K. Limited, the Company is
looking forward to 3D seismic acquisition over the Pensacola
prospect in the summer of 2019 and is seeking to repeat this
farm-out success with its licences awarded in the 30(th) Offshore
Licencing Round including licence P2352 which contains the Dewar
oil prospect.
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.
Standard
The technical information contained in this announcement has
been prepared in accordance with the March 2007 guidelines endorsed
by the Society of Petroleum Engineers, World Petroleum Congress,
American Association of Petroleum Geologists and Society of
Petroleum Evaluation Engineers Petroleum Resource Management
System.
Qualified Person
Andrew Nunn, a Chartered Geologist and Chief Operating Officer
of CLNR, is a "Qualified Person" in accordance with the Guidance
Note for Mining, Oil and Gas Companies, June 2009, of the London
Stock Exchange. Andrew has reviewed and approved the information
contained within this announcement.
Glossary of Technical Terms
BCF: Billion Cubic Feet
TCF: Trillion Cubic Feet
Prospective resources: Are estimated volumes associated with
undiscovered accumulations. These represent quantities of petroleum
which are estimated, as of a given date, to be potentially
recoverable from oil and gas deposits identified on the basis of
indirect evidence but which have not yet been drilled.
P50 resource: Reflects a volume estimate that, assuming the
accumulation is developed, there is a 50% probability that the
quantities actually recovered will equal or exceed the estimate.
This is therefore a median or best case estimate of resource.
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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