Cluff Natural Resources today confirmed it had ditched its plans for its £1 bargain North Sea buy from Verus Petroleum.
In May 2016, Cluff struck a £1 deal with Verus for its equity in the three traditional oil and gas licences, including P1944 and P2156 in the outer Moray Firth, which contain the Fynn and Penny Prospects.
At the time, chief executive Algy Cluff said: “The acquisition of these high quality assets which come with a highly regarded operator in Parkmead, attractive geology, near term drilling opportunities and nearby infrastructure, provide the ideal cornerstone for building a significant new UK oil and gas company focussed on the North Sea.”
Cluff had a nine month option on the prospects.
However, today the firm confirmed it had let the option lapse, stating “as uncertainty exists as to the likely timing of any drilling activity on this licence, the Company has not exercised the Option and an extension to the Option has not been entered into”.
The company is focusing its efforts on developing its two 100% owned licences, P2252 & 2258, in the Southern North Sea.
Mr Cluff added: “Our primary focus continues to be the farm out of our highly prospective licences in the Southern North Sea Gas basin. Whilst this process is still at a relatively early stage, it has got off to a very encouraging start and since opening the data room the prospects have attracted a significant level of interest from established North Sea operators.”
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