Shell agrees farm-in to Cluff North Sea licence
Written by Allister Thomas –
Cluff Natural Resources (CLNR) has announced it will farm-out a southern North Sea licence to Shell, with the possibility of an agreement on a second.
The deal will see CLNR farm-out 70% of its P2252 licence to the energy giant, which contains the Penascola prospect estimated to hold around 100 million barrels of oil equivalent.
Cluff will retain the remaining 30% non-operated interest and the costs will be “satisfied by each party in proportion to their working interests”.
The agreed work programme includes shooting of at least 400km2 of new seismic data over the Penascola prospect this summer to support a well investment decision before the end of 2020.