Cluff Natural Resources said (CNR) it has received all regulatory approvals to complete its cross assignment of equity positions in two licences in the Southern North Sea with Simwell Resources and Burgate Limited.
The equity position across both licences in now 50% cnr, 45% Simwell and 5% Burgate, who will act as licence administrator on both licences.
Algy Cluff,chief executive, said:”We are pleased to announce the positive outcome of the initial work carried out by our partners on these Southern North Sea licences. The conclusions support the further appraisal and potential development of what could be a significant new gas field with potential combined net P50 resources of 303 BCF and we look forward to working with Simwell and Burgate to further progress the technical evaluation of these assets.”
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