Cluff Natural Resources (CNR) announced a “substantial” increase in the prospective resources for its fully-owned production licence P2248 in block 43/11, located in the Southern North Sea gas basin.
The announcement follows a technical report on the gas resources available in the licence delivered by the Xodus Group consultancy firm.
“We are delighted to be able to confirm this very significant increase in the Company’s prospective resource base following a thorough independent review,” CLNR’s Chairman and CEO Algy Cluff, said.
Cluff Natural Resources Ups North Sea Gas in Place
Across CNR’s portfolio, the aggregate best estimate for gas initially in place and P50 prospective resources is estimated to have increased to 4.8 trillion cubic feet and 2.5 trillion cubic feet respectively.
Algy Cluff was interviewed by Offshore Post in August
This does not include several additional leads and prospects which have yet to be fully quantified, the company explained in a statement.
“This work supplements the announcement on 30 September of the significant prospective resources for licences P2253 and P2258,” the CEO stated.
CNR to Focus on Getting Funding for New Plays
“The Company has been working hard to quantify the potential of the licences we were awarded on the 28th Round and this endorsement of the significant exploration potential associated with proven and new play types on our Licence P2248 confirms our long held belief that the Southern Gas Basin still has a significant number of large and exciting prospects just waiting to be drilled”, he added.
According to the executive, the company will now focus on attracted the necessary partners and funding to ensure that a significant group of drilling targets across different play types are fully appraised.
As well as this, CNR confirmed that the Oil & Gas Authority has extended the promote period of the licence for another year and supports the start of a formal farm-out process.
Last updated on 11:29AM - 20/10/16