Cluff Seeking Funds for North Sea Exploration

Cluff Natural Resources is looking to raise a minimum of £15 million ($19 million) to fund various exploration programs in the UK North Sea.

These include the company’s share of well costs on the Selene prospect in license P2437 and Pensacola in P2252 (Shell recently farmed into 50% of both licenses, both in the UK’s southern gas basin); and work on Cluff’s other North Sea holdings and potential awards from the UK’s upcoming 32nd licensing round.

Shell could begin drilling Selene in 2020.

Cluff aims to initiate a farm-out process by mid-year for P2352 in the UK central North Sea, containing the 39.5-MMbbl Dewar oil prospect.Source: www.offshore-mag.com

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