Cluff Natural Resources plc announced Thursday that it is currently seeking industry partners to fund the drilling of wells on its North Sea assets.
The company is already in the process of commencing the next phase of technical evaluation on its acreage, which will ultimately lead to the identification of drill targets. Cluff has also started “attracting and securing one or more industry partners” to fund forward work programs, including the drilling of one or more wells, according to a company statement.
Cluff Natural Resources Chairman and Chief Executive, Algy Cluff, commented in a company statement:
"With no debt or major work commitments, Cluff Natural Resources is in a comparatively strong position to take advantage of opportunities which may arise given the challenging oil price environment. Our objective now is to complete the process of attracting the partners required to fully appraise the production potential of these exciting assets."
In November 2014 Cluff was awarded 5 licenses over 11 blocks on the UK Continental Shelf in the UK's 28th Offshore Licensing Round. All of the blocks are located in the Southern North Sea in close proximity to the Breagh gas field.