Business
AGM Statement, Operational and Corporate Update
AGM Statement, Operational and Corporate Update.
About this update from Deltic Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 8996O\n Cluff Natural Resources plc\n 04 June 2020\n \n \n \n \n Cluff Natural Resources Plc / Index: AIM / Epic: CLNR / Sector: Natural Resources\n 4 June 2020\n Cluff Natural Resources Plc ('Cluff' or 'the Company')\n AGM Statement, and Operational and Corporate Update\n \n 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 gas basin, is pleased to provide an operational and corporate update in relation to its portfolio of UK exploration licences ahead of its Annual General Meeting (\"AGM\") at 10.30 a.m. today.\n Highlights\n \n · Shell and Cluff are fully committed to drilling Pensacola and Selene prospects, with drilling anticipated to commence in H2 2021:\n \n o Pensacola is estimated to contain P50 prospective resources of 309 Billion Cubic Feet (\"BCF\") of gas, with nearby infrastructure\n \n o Selene is estimated to contain P50 prospective resources of 291 BCF of gas in close proximity to infrastructure\n \n · The exploration and development team continues to work on existing projects, which have already attracted encouraging early interest from industry peers:\n \n o The Company is seeking to begin the farm-out process on a further two of its licences in the second half of 2020\n \n · The Company has applied for multiple licences in the UK 32nd offshore licensing round, with results expected this summer:\n \n o All of the applications have been made solely by Cluff, apart from one which has been made jointly with an established international operator\n \n · The Company remains in a strong financial position with cash of £13.2m as at 31 March 2020, resulting in the Company being fully funded for its planned drilling operations\n \n · The Company has reviewed all aspects of its business and enacted a number of cost saving initiatives that will result in significant cost reductions, to retain the Company's strong financial position\n \n · The Company will review opportunities, including the potential to acquire cash generative production, as the industry adjusts to the lower commodity price environment and operators review their strategy and portfolios\n \n · Subject to shareholder approval, the Company has proposed to change its ...