TIDMCLNR
RNS Number : 8322J
Cluff Natural Resources plc
22 August 2019
22 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 the Company and its Operating Partner, Shell U.K.
Limited ("Shell"), have completed a broadband 3D seismic survey
extending to approximately 420km(2) over the Pensacola Prospect on
Licence P2252 in the Southern North Sea.
The survey, conducted by Shearwater GeoServices using the Polar
Empress, was completed on time and with no health, safety or
environmental incidents. Data collection commenced on 4 August and
was completed on 21 August with demobilisation commenced shortly
thereafter.
The data collected will now be processed, along with the
existing legacy dataset, to pre-stack depth migration ('PSDM') with
the final results expected to be received by early Q3 2020,
although some interim results may be available before this
date.
Under the terms of the farm-in agreement, Shell are paying 100%
of the costs of the seismic acquisition, processing and
interpretation work programme until the end of 2020 or until a well
investment decision is made. The partnership is still on course to
meet the timelines agreed with the Oil and Gas Authority ("OGA")
and a decision on the contingent well commitment is expected to be
taken in the second half of 2020.
Cluff holds a 30% non-operated interest in Licence P2252 and 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:
"We would like to thank Shell and Shearwater for completing a
safe and efficient acquisition programme in what were challenging
weather conditions for this time of year. The PSDM datasets
represent a key step towards the drilling of an exploration well on
the Pensacola prospect and we look forward to receiving the final
products in due course. While awaiting delivery of the newly
acquired seismic data, we continue to work with Shell on licence
P2437 as we progress the Selene prospect towards a drilling
decision."
For further information please contact the following:
Cluff Natural Resources Plc Tel: +44 (0) 20 7887
2630
Graham Swindells / Andrew Nunn
Tel: +44 (0) 20 3328
Allenby Capital Limited (Nominated Adviser 5656
& Joint Broker)
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
seeking to repeat this farm-out success with its other 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
Chance of Success: for prospective resources, means the chance
or probability of discovering hydrocarbons in sufficient quantity
for them to be tested to the surface. This, then, is the chance or
probability of the prospective resource maturing into a contingent
resource. Prospective resources have both an associated chance of
discovery (geological chance of success) and a chance of
development (economic, regulatory, market and facility, corporate
commitment and political risks). The chance of commerciality is the
product of these two risk components. These estimates have been
risked for chance of discovery but not for chance of
development.
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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