Cluff Natural Resources reports extension of Southern North Sea licences

11/27/2017

LONDON -- Cluff Natural Resources Plc, the AIM quoted natural resources investing company, is pleased to announce that the UK’s Oil & Gas Authority (OGA) has confirmed that the Company’s two 100% owned Southern North Sea Gas licences, P2248 and P2252--which are estimated to contain combined net P50 prospective resources of 2.4 Tcf of gas--will be extended, subject to the achievement of certain milestones, for a further year.

Accordingly, both the Promote Period and the Initial Term of each licence will run until Nov. 30, 2018, subject to a farm-out being achieved by May 31, 2018 and a drill or drop decision being made by Sept. 30, 2018.

The technical milestones that are to be achieved pursuant to the extension of the licences are in accordance with the Company’s planned work program.

As referenced in previous announcements made this year, the Company has received interest from a number of parties viewing the data room for the farm-out process in respect of P2248 and P2252, and CLNR remains in dialogue with those companies who have shown interest in the portfolio to date.

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