Cluff Natural Resources PLC, London, has 6 extra months during which to find financing for drilling on two promote licenses it acquired in the southern North Sea during the UK’s 28th licensing round in 2014.
The Oil & Gas Authority has waived its requirement for conclusion of a farmout by May 31 on Licenses P2248 and P2252.
The company said it will “continue the farmout process” while “also exploring various additional forms of financing which will support its ultimate aim of drilling one or more wells on these licenses.”
The promote period and initial term of each license will continue to Nov. 20, subject to a drill-or-drop decision by Sept. 30.
On P2248, Cluff has identified a Carboniferous prospect designated Cadence on Quadrant 43/11.
Prospects on P2252 are Pensacola, an Upper Permian Zechstein reef structure, and Lytham-Fairhaven, a Hauptdolomite platform carbonate in the Zechstein formation in which past drilling has encountered natural gas. P2252 quadrants are 41/5, 41/10, and 42/1.
Cluff holds 100% interests in the licenses.
