Shell to Take Majority Interest in Cluff Natural Resource's North Sea License
February 08 2019 - 3:19AM
Dow Jones News
By Adam Clark
Royal Dutch Shell PLC (RDSA.LN) will take a majority working
interest in Cluff Natural Resources PLC's (CLNR.LN) P2252 license
in the North Sea.
Cluff said Friday that Shell will take on a 70% working interest
in the license in return for paying all development costs until
either an investment decision is made, or the end of 2020,
whichever is earlier.
The work program for the license includes the acquisition of not
less than 400 kilometers of new 3D seismic data and subsurface
studies. All costs following a well investment decision will be
shared by the two parties in proportion to their working
interests.
The P2252 license includes the Pensacola prospect, which is
estimated to contain 566 billion cubic feet of gas, or 100 million
barrels of oil equivalent.
Shell will also pay $600,000 for an option to acquire a 50%
working interest in Cluff's P2437 license by April 30, 2019, where
the two parties will assess the drilling of an exploration
well.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
February 08, 2019 03:04 ET (08:04 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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