Cluff Natural Resources (CLNR) announced it has signed an exclusivity agreement with a major international oil and gas company regarding CLNR’s two licences in the Southern North Sea gas basin.
The agreement grants exclusivity to this major oil and gas company, subject to a definitive farmout agreement being entered by 31 January 2019 and completed by 28 February 2019.
The natural resources investing company has extended the Initial Term of both its licences, which are 100% owned, by six month until 31 May 2019, subject to further work programme commitments being made.
Among these commitments is the pledge that for Licence P2252 a seismic and well work programme will be completed on the Pensacola Project by February 2019. For their other licence, P2248, CLNR has made a firm well commitment by February 2019 and is in negotiations with a bidder to further extend the license.
CLNR hopes an additional extension to the licence will allow the company to drill one or more wells on the licence.
While working to complete the farmout process on Licences P2248 and P2252, CLNR is also moving forward with its additional six highly prospective licenses, which add an estimated 1.9 TCF of prospective resources to their portfolio.
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