Business
Licence Cross Assignment - North Sea Gas Prospect
Licence Cross Assignment - North Sea Gas Prospect.
About this update from Deltic Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6757A Cluff Natural Resources plc 09 June 2016 \n\nCluff Natural Resources Plc / Index: AIM / Epic: CLNR / Sector: Natural Resources\n09 June 2016\nCluff Natural Resources Plc ('CLNR' or 'the Company')\nLicence Cross Assignment - Southern North Sea Carboniferous Gas Prospect\n \nCLNR, the natural resources investing company, is pleased to announce that it has completed the cross assignment of equity positions in two contiguous licence areas in the Southern North Sea with Simwell Resources Ltd ('Simwell') and Burgate E&P Ltd ('Burgate'). The decision to combine the equity position across the two licences was taken following the identification of a large Carboniferous gas prospect which extends across the boundary of the two licences.\n \nKey Highlights\n· Agreed the cross assignment of equity positions in 28th Round Promote Licences P2253 (Block 42/14b, 100% CLNR) and P2258 (Block 42/15b, 90% Simwell, 10% Burgate) located in the Southern North Sea gas basin, subject to normal regulatory approvals\n \n· Following completion of the assignment the equity position in both licences will be 50% CLNR, 45% Simwell & 5% Burgate. Burgate currently acts as Licence Administrator on P2258 and will maintain that role on both licences for the duration of the Promote period\n \n· A significant structural closure within the Carboniferous has been identified straddling the boundary of the two licence areas. The closure extends to approximately 36km2 with preliminary GIIP estimates ranging from 239 to 619 BCF. Technical work to refine the potential in-place and recoverable gas volumes associated with this prospect is expected to be completed over the coming months\n \n· P2258 also contains a small discovery (Well 42/15-1) in the Bunter Sandstone which flowed at a rate of 19.6mmscfd on test. This discovery has a mid-case GIIP of 23.5BCF and P50 Contingent Resources of 17.6 BCF (8.8 BCF net to CLNR). This Bunter Sandstone discovery overlies the deeper Carboniferous structure and could be developed in conjunction with the Carboniferous prospect\n \n· Work commitments associated with both blocks have been completed and future technical wo...