Friday 1 February 2019

Cluff extends farm-out exclusivity in Southern North Sea to Major


Cluff Natural Resources press release
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

Source: https://www.cluffnaturalresources.com/wp-content/uploads/2019/02/Extension-to-exclusivity1.2.19.pdf

Cluff Natural Resources licence map

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