23 May, 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, is pleased to announce that it has been provisionally awarded licences covering 10 full and part blocks, by the UK Oil and Gas Authority in the UK’s 30th Offshore Licencing Round.
The blocks provisionally awarded to CLNR are as follows:
Southern North Sea
47/10d, 48/6d (25% equity stake, Parkmead are Operator)
Central North Sea
22/24f (part), 22/25c (part)
With the exception of blocks 47/10d and 48/6d, all blocks are being awarded to CLNR on a 100% equity position.
The Board views these blocks as highly prospective with many containing undeveloped discoveries and exploration upside which significantly enhances both the pipeline of potential drilling opportunities and the overall prospective resources associated with the Company’s portfolio.
Southern North Sea Awards
The Southern North Sea blocks provisionally awarded to CLNR contain a number of drilled discoveries, undrilled prospects and leads with an estimated combined unrisked P50 prospective resources of approximately 1.9 TCF net to CLNR. The firm work programme associated with Phase A of the initial term of the licences is restricted to data acquisition, reprocessing and sub-surface studies, and is focussed on providing greater clarity around prospect volumetrics and risk.
Full announcement at https://www.cluffnaturalresources.com