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Cluff Natural Resources Updates North Sea Licences P2253 & P2258

Source: 10/28/2016, Location: Europe

In the Company's most recent announcement of 19 October the Company had received an extension on both of its 100% held licences (P2248 and P2252) for a further year to 30 November 2017 and that an extension had been applied for on its 50% held licences (P2253 and P2258) by Burgate E&P Ltd (Burgate), the operator of those licences.

Burgate has been informed that the Oil & Gas Authority (OGA) will not grant an extension of the initial term of Licences P2253 and P2258 which means these licences will expire on 30 November 2016. The OGA has however indicated that it expects to make these licences available in the next Licencing Round which is planned for the first half of 2017 where the Company will have the opportunity to re-apply for the licences under the OGA's new more favourable "Innovate Terms".

In the meantime, the Company's priority will continue to be the advancement of and farm-out of its two most advanced licences, being Licence P2248, on which it recently announced P50 prospective resources of 1.73 TCF, and Licence P2252 (both of which are owned 100% by CLNR).

Commenting CLNR's Chairman and Chief Executive Algy Cluff said:

"These two 50% held licences represent the least mature assets in our oil and gas licence portfolio and a small proportion of our overall resource base. Our primary goal remains to pursue and secure the farm-out of our two most developed 100% held Licences, P2248 and P2252, both of which we consider to be highly prospective and have the potential to transform our company."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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