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Robust Scoping Study Results for North Sea Assets

Source: www.gulfoilandgas.com 4/20/2017, Location: Europe

CLNR, the natural resources investing company, is pleased to announce the results of an independent Scoping Study covering two prospects on its 100% owned Licence P2248 in the Southern North Sea gas basin, a proven region which has seen a significant pick-up in operational and corporate activity.

Highlights

• Scoping Study by Xodus Group Limited indicates robust economics for a range of development options for just two of the Company’s lower risk prospects on Licence P2248: the Cadence-Scremerston Prospect and the Bassett Bunter Sandstone
• Economic evaluation indicates highly positive NPV values in various P50 development scenarios for both prospects
• Post drill Expected Monetary Value (‘EMV’) following a discovery for Cadence and Basset of £86.6 million and £69.0 million respectively
• Implied extrapolated un-risked NPV for the six identified prospects on Licence P2248 of £697 million

Algy Cluff, Chief Executive & Chairman commented: “This study has confirmed our longheld conviction that exploring for gas in the Southern North Sea can deliver significant value for shareholders and the UK as a whole. Should exploration wells prove commercial quantities of gas in line with expectations, then the Scoping Study economics demonstrate that cost effective development options are readily available, a key consideration for any operator or investor looking at the Company’s exploration assets.”

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