Cluff Natural Resources is offering the opportunity for interested parties to farm into promote licence P2248 (block 43/11) which contains the Candence prospect. The promote licence which was awarded from the 28th Licensing Round has been extended by the OGA until the end of November 2018. To progress the licence past this November date it requires a well to be drilled. There are other targets in addition to Candence within the licence with the total P50 Prospective Resources for all four targets of 1.73 Tcf. Cluff states that a significant equity position and operatorship for this acreage is available in return for a potential carry on a well or wells, a minor non-operated equity interest in a producing asset and or cash element. On 31 May 2018, Cluff announced that the OGA has waived its requirement for a farm-out to have been concluded by 31 May 2018 on licences P2248 and P2252. Therefore, both the Promote Period and the Initial Term of each licence will continue to run until 30 November 2018, subject to a drill or drop decision being made by 30 September 2018. Cluff can continue the farm out process in respect to P2248 and P2252, while also exploring various additional forms of financing which will support its aim of drilling one or more wells on these licences.  The Candence prospect is on trend with existing Carboniferous fields and is a 3-way dip and fault controlled structure covering a total area of 47 sq km. It is thought that 3 potential reservoirs exist within the prospect â Yoredale / Millstone Grit, Scremerston Formation and Fell Sandstone Formation. The seals are provided by the Zechstein evaporates and intra-Carboniferous seals which have been proven regionally. The prospect is believed to be self-sourced from interbedded coals and organic shales located down-dip with potential contribution from the adjacent Silverpit Basin. Other potential within the acreage is in the form of three Bunter Sandstone Prospects â Basset, Bathurst and Beckett.   Cluff Natural Resources is the sole interest holder in P2248.  For further details please contact   Andrew Nunnâ Chief Operating Officer  Tel: 0207 887 2630 & Mob: 07738846069  Email: Andrew@cluffnaturalresources.com
United Kingdom, P2248