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Cluff Natural Resources and Shell committed to drilling North Sea prospects

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Oilfield Technology,

Cluff Natural Resources has said that it and Shell are fully committed to drilling the Pensacola and Selene prospects in the North Sea, with exploration drilling at the former anticipated to commence in 2H21 and in 2022 at the latter.

The Pensacola prospect (Cluff 30%, Shell 70% as the operator) contains estimated unaudited P50 recoverable prospective resources of 309 billion ft3 (approximately 50 million boe). The Selene prospect (Cluff 50%, Shell 50%) contains unaudited P50 prospective resources estimated at 291 billion ft3 (or approximately 50 million boe).

Cluff is also seeking to begin the farm-out process on a further two of its licences in 2H20, and has applied for multiple licences in the UK 32nd offshore licensing round, with results expected this summer. All of the applications have been made solely by Cluff, apart from one which has been made jointly with an established international operator.

As of 31 March the company had cash of £13.2 million, meaning it is "fully funded for its planned drilling operations."

Subject to shareholder approval, the company has proposed to change its name to Deltic Energy Plc, to reflect the transition into a more operationally focused phase.

CEO Graham Swindells said:

“Despite the major impact of Covid-19 on our industry, we have continued to progress our core gas projects. We are delighted that Shell remains committed to drilling both the Pensacola and Selene wells and we remain fully funded for our share of both wells. We are equally encouraged by the level of early interest in our other assets, in particular the Cupertino licence in the Southern North Sea and we also look forward to the results of the 32nd Licensing Round in the summer. In the meantime, we believe that current market conditions will further reduce operating costs and may present value accretive opportunities which, with a strong balance sheet and no debt, we look forward to pursuing."

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