Cluff Natural Resources has entered into a binding, conditional farm-out agreement and a three-month exclusive option with Shell U.K. for the Cluff’s southern North Sea Licences P2252 and P2437, respectively.
Under the terms of the farm out agreement, Shell will acquire a 70% working interest in P2252, and be appointed as the licence operator, in return for paying 100% of the costs of an agreed forward work programme. Cluff will retain a 30% non-operated interest. Shell will also have the option to acquire a 50% working interest in P2437 by the end of April 2019. Read more…