Business
Exclusivity Agreement & Licence Extensions
Exclusivity Agreement & Licence Extensions.
About this update from Deltic Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6873I Cluff Natural Resources plc 28 November 2018 \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 \n28 November 2018\n \nCluff Natural Resources Plc / Index: AIM / Epic: CLNR / Sector: Natural Resources\n \nCluff Natural Resources Plc ('CLNR' or 'the Company')\n \nExclusivity Agreement & 28th Round Licence Extensions \n \nCluff Natural Resources Plc, the AIM quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern North Sea gas basin, is pleased to announce the signing of an exclusivity agreement with a major international oil and gas company and provides an update on the status of its two 100% owned Southern North Sea Gas licences P2252 and P2248, which were awarded in the UK's 28th Licensing Round.\n \nHighlights\n· Six-month Initial Term licence extensions granted for both P2252 and P2248 licences to 31 May 2019\n· Exclusivity Agreement signed with major international oil and gas company for Licence P2252\n· Licence P2252 extended subject to the Company committing to a seismic and well work programme by 28 February 2019\n· Licence P2248 extended subject to the Company being in a position to make a firm well commitment by 28 February 2019\n· Advanced negotiations ongoing on Licence P2248 with the Company's preferred bidder, on a non-exclusive basis\n \nExclusivity Agreement\nFollowing discussions with multiple data room entrants, the Company has signed an exclusivity agreement (the \"Agreement\") on Licence P2252 with a major international oil and gas company (the \"Counterparty\"). Exclusivity has been granted to the Counterparty subject to a definitive farm out agreement being entered by 31 January 2019 and completion by 28 February 2019.\n \nGiven the exclusivity arrangement, discussions and negotiations with other potential partners on the P2252 licence have been ended and the P2252 data room closed while the Agreement is in place.\n&n...