London-based Cluff Natural Resources has received all the regulatory approvals required to complete the cross-assignment of equity positions in two contiguous license areas in the Southern North Sea with Simwell Resources and Burgate E&P.
Cluff announced the decision to combine the equity position across two Southern North Sea licenses, P2253 & P2258, in June 2016, following the identification of a large Carboniferous gas prospect which extends across the boundary of the two licenses.
The company said on Friday that the equity position across both licenses is now 50% CLNR, 45% Simwell & 5% Burgate. Burgate will act as License Administrator on both licenses.
Algy Cluff, Chairman and Chief Executive of Cluff Natural Resources commented: “We are pleased to announce the positive outcome of the initial work carried out by our partners on these Southern North Sea licenses.
“The conclusions support the further appraisal and potential development of what could be a significant new gas field with potential combined net P50 resources of 303 BCF and we look forward to working with Simwell and Burgate to further progress the technical evaluation of these assets.”
Cluff on Friday also announced a resource update on these licenses ahead of the publication of a Competent Persons Report (CPR) on its License P2248, which is now expected to be around mid-October 2016.