CLNR confirms significant increase in prospective resources
Source - SMW
Cluff Natural Resources has announced a substantial increase in the prospective resources for its 100% held licence P2248 (Block 43/11) in the southern North Sea gas basin.
This follows the completion of a technical evaluation and competent person's report on the gas resources on the licence by Xodus Group, an independent oil and gas consultancy firm. Key highlights
- Assessed the six most mature prospects on Licence P2248
- Gas initially in place (GIIP) on P2248, estimated in the range of 760 BCF to 7.2 TCF, with a Best Estimate GIIP of 2.66 TCF (Mean: 3.45TCF)
- Prospective tesources on P2248 estimated in the range of 480 BCF to 4.75 TCF with a P50 of 1.73 TCF (Mean: 2.26 TCF)
- Across the company's total portfolio, aggregate best estimate GIIP and P50 prospective resource estimated to have increased to 4.8 TCF and 2.5 TCF respectively, not including a number of additional leads and prospects which have yet to be fully quantified
- Confirmation of extension of promote period on P2248 for a further year (to 30 November 2017) has been granted from the OGA
- Supports commencement of formal farm-out process
CLNR chairman and chief executive Algy Cluff said: "We are delighted to be able to confirm this very significant increase in the company's prospective resource base following a thorough independent review.
" This work supplements the announcement on 30 September of the significant prospective resources for Licences P2253 and P2258.
"The company has been working hard to quantify the potential of the licences we were awarded in 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.
"We now have a significant inventory of drilling targets across a range of play types and the key focus going forward is to attract the required partners and funding to ensure these prospects are fully appraised."
At 8:00am: (LON:CLNR) Cluff Natural Resources PLC share price was +0.7p at 5.15p