CLNR in North Sea Development Search
13.01.2016

CLNR in North Sea Development Search

CLNR in North Sea Development Search

UK-based underground coal gasification (UCG) firm Cluff Natural Resources (CLNR) is in the process of securing industry partners to fund and develop its North Sea work program.

The company was awarded five licenses over 11 blocks on the UK Continental Shelf in 2014, which are all in the southern North Sea and close to the Breagh gas field. The blocks are: 41/5, 41/10, 42/1, 42/14b, 43/3, 43/4, 43/5, 43/7, 43/8, 43/9, and 43/11.

CLNR completed an independent assessment of the prospectivity of its southern North Sea licenses, which the company said confirmed excellent potential associated with previous discoveries, as well the significant upside that exists.

The company has started the next phase of technical evaluation to help identify drill targets. In addition, marketing efforts have secured one or more industry partners to fund forward work programs, including the drilling of one or more wells that will become a key focus in 2016 for CLNR.

“We continue to work to develop our understanding of the potential of the Carboniferous and the Zechstein Carbonate plays we have identified while working on a detailed appraisal program for the Lytham discovery to gather the missing data required to de-risk this potential future development,” Algy Cluff, CLNR chairman and chief executive said. “Our objective now is to complete the process of attracting the partners required to fully appraise the production potential of these exciting assets.

CLNR also said it is comparatively well positioned to prevail in the current oil price environment, and may even benefit from opportunities arising as a result of the challenges currently being experienced in the sector due to its position of having relatively low work commitments associated with its licenses and no debt.

In February, CLNR and Halliburton inked a memorandum of understanding to collaborate and accelerate the development of the company’s UCG and southern North Sea gas assets in the UK.

According to CLNR, Halliburton has provided an invaluable level of technical input into the company’s assets.

Source: www.oedigital.com

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