Update Following Oil Price Volatility

Source: www.gulfoilandgas.com 3/13/2020, Location: Europe

Cluff Natural Resources Plc, the AIM quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern and Central North Sea, notes recent share price volatility and confirms that, irrespective of market uncertainty related to commodity price weakness and Covid-19, the Company's operations and planned work programmes remain on-track and day-to-day operations are unaffected.

The Company is in a position of relative strength in these uncertain times. It has no direct exposure to oil prices, has no debt and is well capitalised following a fundraising in June 2019. As at 29 February 2020, the Company had £13.3 million of cash (unaudited). The Company remains funded for its share of the Selene and Pensacola wells and, on current plans, for its working capital requirements through to the end of 2021.

The Company continues to focus on its portfolio of natural gas exploration assets in the UK and is continuing to work closely with its joint venture partner, Shell UK Limited ("Shell"), towards a number of key potential value catalysts during this year, including well investment decisions on the Selene and Pensacola natural gas prospects in the Southern North Sea.

While the Dewar farm-out process remains active, the Company anticipates that the current commodity market volatility may impact on the deliverability of this farm-out within the timelines previously communicated. The Company will review the status of the farm-out process once the impacts of the Covid-19 outbreak are better understood and some relative stability has returned to commodity prices and the wider market.

UK Oil and Gas Authority (" OGA") guidance regarding the award of 32nd UK Offshore Licensing Round remains unchanged and the Company still anticipates licence awards being made in Q2 of this year. Success in this licensing round will further expand, enhance and diversify the Company's existing portfolio of prospects.

Graham Swindells, Chief Executive Officer of Cluff Natural Resources Plc commented:
"Cluff remains in a strong position from which to deliver exceptional growth. We remain fully financed for drilling activity and have multiple upcoming catalysts for growth from our existing and potentially expanding portfolio via the UK Offshore Licensing Round."

"Good progress is being made on our Pensacola and Selene licences with Shell as we continue to work towards well investment decisions on both licences. We look forward to updating shareholders on Selene, Pensacola, the farm out process of our Dewar prospect and new licence awards, in due course."


Colombia >>  7/29/2022 - Petrobras confirms the discovery of natural gas accumulation in the Uchuva-1 exploratory well, drilled in deep waters of Colombia, 32 kilometers off t...
Ireland >>  7/29/2022 - Europa Oil & Gas, the AIM traded UK, Ireland and Morocco focused oil and gas exploration, development, and production company, has announced that the ...

United Arab Emirates >>  7/29/2022 - Abu Dhabi National Oil Company (ADNOC) announced today a second discovery of natural gas resources in the first exploration well in Abu Dhabi’s Offsho...
Gambia >>  7/28/2022 - FAR Limited an independent, Africa focused, oil & gas exploration company, provides its quarterly activities report for the quarter ended 30 June 2022...

Norway >>  7/27/2022 - Neptune Energy today announced drilling has commenced on the Ofelia exploration well in the Norwegian sector of the North Sea.

The well,...

Australia >>  7/26/2022 - Registration is now open to attend the webinar that will launch the 2022 Offshore Petroleum Acreage Release.

The Australian Government rel...


Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.