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.