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28 Nov 2018 | 09:18

Cluff Natural Resources inks exclusivity agreement with 'major' oil and gas company

Cluff Natural Resources said Wednesday it had signed an exclusivity agreement with a major international oil and gas company. The company also said that both its Southern North Sea Gas licences had been extended for a six-month period.

The exclusivity agreement for Cluff's Licence P2252 would depend on both parties signing a farm out agreement by 31 January and completion by 28 February, the company said.

The UK Oil and Gas Authority approved Cluff's request to extend both its P2252 and P2248 licences for a period of six months until 31 May, but requested the company make a commitment to carry out further work programmes on the blocks.

'These commitments are that, for P2252, by 28 February 2019 the company commits to a seismic and well work programme on the Pensacola Prospect, and, for P2248, the company makes a firm well commitment by 28 February 2019,' Cluff said.

Cluff said it was in advanced negotiations with its preferred bidder, on a non-exclusive basis for the P2248 licence. 'We are delighted to have selected a highly regarded international oil and gas major as our preferred partner for P2252, which contains the Pensacola Prospect. This represents a major step forward for the licence and reflects the significant amount of work the team has done to de-risk it, said CLNR's Chief Executive Graham Swindells. 'Our immediate focus will now be to complete negotiations with the parties with whom we are in discussion and progress towards agreeing farm outs whilst, in tandem, continuing to evaluate the highly prospective licences awarded to us in the 30th Offshore Licensing Round.'

At 9:18am: (LON:CLNR) Cluff Natural Resources PLC share price was +0.6p at 2.83p

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