Cluff Natural Resources (CLNR) this morning confirmed fresh seismic data had unlocked a new Southern North Sea play.
The firm reported an update on its 100% owned asset P2248, located in the Southern North Sea.
It said: “Further analysis of seismic data has further de-risked the Bunter Sandstone Prospects potentially unlocking a new regional Bunter Sandstone play with significant resource potential at low cost.”
Key risk factors for the Cadence Prospect have also been further addressed with revised fault interpretation, resulting in a “significantly more robust structure with two potentially independent, lower risk compartments within the larger Cadence prospect now clearly identified”, according to the firm.
Chief executive Algy Cluff added: “The on-going technical work continues to enhance the prospects identified by the Company and directly feeds into the on-going farm-out process. The interest in the dataroom to date has been very encouraging, especially in the context of other regional activities which include a deep Carboniferous exploration well currently being drilled by BP to the south of our licences, the results of which we, and the industry as a whole, are eagerly anticipating. These regional activities could have a significant positive impact on the farm-out process and we continue to monitor their progress carefully.”
CLNR is continuing its farm-out bid for P2248 with an “encouraging level of traffic” through its dataroom, which it expects to close in the coming months.
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