Extension to Exclusivity Agreement

RNS Number : 7483O

Cluff Natural Resources plc

01 February 2019

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

1 February 2019 

 Cluff Natural Resources Plc ('CLNR' or 'the Company')

Extension to Exclusivity Agreement for Licence P2252

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.

**ENDS**

For further information please contact the following:

Cluff Natural Resources Plc	Tel: [phone]
Algy Cluff / Graham Swindells / Andrew Nunn
Allenby Capital Limited (Nominated Adviser & Broker	Tel: [phone]
David Hart / Alex Brearley / Asha Chotai (Corporate Finance)
Camarco Ltd	Tel: [phone]
Owen Roberts / James Crothers / Emily Hall (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) primarily focussed on the Southern North Sea gas basin, with a high impact portfolio of operated, high working interest exploration and appraisal assets.

On 23 May 2018, the Company was provisionally awarded an additional 6 licences in the Southern and Central North Sea by the UK Oil and Gas Authority in the UK's 30th Offshore Licencing Round. These blocks contain oil as well as gas prospects and are estimated to contain 1.9 TCF of P50 prospective resources.

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. The Company is focussed on securing partners and funding to embark on a drilling campaign on the proven fairways of the Southern North Sea basin.

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.

 

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