Business
Farm out of licences to Shell U.K. Limited
Farm out of licences to Shell U.K. Limited.
About this update from Deltic Energy Plc
[{"type":"text","content":"\n \nRNS Number : 4367P Cluff Natural Resources plc 08 February 2019 \n\n \n8th February 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 \n \nCluff Natural Resources Plc ('Cluff' or 'the Company')\n \nFarm out of licences P2252 and P2437 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 entered into a binding, conditional farm out agreement (\"the Farm Out Agreement\") and a three month exclusive option (\"the Option\") with Shell U.K. Limited (\"Shell\") in relation to the Company's Southern North Sea Licences P2252 and P2437 respectively. \n \nCommenting, Cluff's Chief Executive Graham Swindells said: \n \n\"We are delighted to be able to announce the farm-out of Licence P2252 and the terms of an option to farm out Licence P2437 with a partner of this standing. This partnership is a clear endorsement of the quality of the licences in our portfolio and demonstrates the Cluff technical team's ability to identify and transform overlooked or less understood opportunities.\n \nWe are particularly excited at the prospect of embarking on our partnership with Shell with both parties sharing a commitment to further development in the Southern North Sea.\n \nMost importantly, we now have direct visibility over the route to future drilling activity, and the potential to create further significant value for shareholders.\n \nWe look forward to building our partnership with Shell and successfully developing these prospects.\"\n \n \nP2252\n· Under the terms of the Farm Out Agreement, Shell will acquire a 70 per cent. working interest in Licence P2252, and be appointed as the licence operator, in return for paying 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 m...