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UK: Cluff Natural Resources announces robust Scoping Study results for North Sea assets


20 Apr 2017

Photo - see caption

Cluff Natural Resources (CLNR), the natural resources investing company, has announced the results of an independent Scoping Study covering two prospects on its 100% owned Licence P2248 in the Southern North Sea gas basin, a proven region which has seen a significant pick-up in operational and corporate activity.

Highlights

  • Scoping Study by Xodus Group indicates robust economics for a range of development options for just two of the Company's lower risk prospects on Licence P2248: the Cadence-Scremerston Prospect and the Bassett Bunter Sandstone
  • Economic evaluation indicates highly positive NPV values in various P50 development scenarios for both prospects
  • Post drill Expected Monetary Value ('EMV') following a discovery for Cadence and Basset of £86.6 million and £69.0 million respectively
  • Implied extrapolated un-risked NPV for the six identified prospects on Licence P2248 of £697 million
Photo - see caption
P2248 Location Map (Source: Cluff Natural Resources)

Algy Cluff, Chief Executive & Chairman commented:

'This study has confirmed our long-held conviction that exploring for gas in the Southern North Sea can deliver significant value for shareholders and the UK as a whole.  Should exploration wells prove commercial quantities of gas in line with expectations, then the Scoping Study economics demonstrate that cost effective development options are readily available, a key consideration for any operator or investor looking at the Company's exploration assets.'

Click here to access a copy of the full report - P2248 Economic Feasibility Study

Click here for full announcement

Source: Cluff Natural Resources





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