 announced on Friday it had entered a conditional farm-out agreement with Shell U.K, sending shares soaring.){kind=link}
Cluff Natural Resources (LON:CLNR) announced on Friday it had entered a conditional farm-out agreement with Shell U.K, sending shares soaring on the back of the announcement.
The AIM-listed oil and gas company said it had entered the conditional agreement with Shell, which also includes a three month exclusive option for its Southern North Sea Licences
Graham Swindells, Chief Executive of Cluff Natural Resources Chief commented on the collaboration:
“We are delighted to be able to announce the farm-out of Licence P2252 and the terms of an option to farm out Licence P2437 with a partner of this standing. This partnership is a clear endorsement of the quality of the licences in our portfolio and demonstrates the Cluff technical team’s ability to identify and transform overlooked or less understood opportunities.
We are particularly excited at the prospect of embarking on our partnership with Shell with both parties sharing a commitment to further development in the Southern North Sea.
Most importantly, we now have direct visibility over the route to future drilling activity, and the potential to create further significant value for shareholders.
We look forward to building our partnership with Shell and successfully developing these prospects.”
Cluff Natural Natural Resources is a London-based company that operates in the Central North Sea and Southern North Sea.
Shares in Cluff Natural Resources are currently +50.00% as of 14:28PM (GMT).