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UK: Cluff Natural Resources announces robust Scoping Study results for North Sea assets
20 Apr 2017
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.
- 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
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.'
Source: Cluff Natural Resources