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Completion of Farm on Licences P2252 to Shell
Completion of Farm on Licences P2252 to Shell.
About this update from Deltic Energy Plc
[{"type":"text","content":"\n \nRNS Number : 5382A Cluff Natural Resources plc 30 May 2019 \n\n \n30 May 2019\n \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \nCluff Natural Resources Plc ('Cluff' or 'the Company')\n \nCompletion of Farm on Licences P2252 to Shell U.K. Limited\n \nCluff 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, is pleased to announce that it has received Oil and Gas Authority (or 'OGA') approval in relation to the Farm-out of Licence P2252 to Shell U.K. Ltd (or \"Shell\") and that the farm out has now completed. \n \nP2252 - Farm-out Highlights\n \n· Following receipt of OGA approval and signing of the Joint Operating Agreement, Shell have been assigned a 70 per cent. working interest in Licence P2252 and appointed as Licence Operator. Cluff retains a 30 per cent. non-operated interest in Licence P2252. \n \n· Shell will pay 100 per cent. of the costs of an agreed forward work programme to the earlier of 31 December 2020 or the date on which a well investment decision is made.\n \n· The agreed work programme includes the acquisition of not less than 400km2 of new broadband 3D seismic data over the Pensacola prospect in the summer of 2019, subsequent processing of new and existing seismic data and sub-surface studies required to support a well investment decision before the end of 2020.\n \n· Shell have confirmed that they have contracted Shearwater GeoServices to undertake the 3D seismic survey using Shearwater's proprietary FlexiSource technology with acquisition currently scheduled to commence in mid-August 2019. \n \n· The OGA have approved an extension of the initial term of licence P2252 until 30 November 2022, subject to the contingent well commitment becoming a firm well commitment on or before 30 November 2020. \n \n&n...