Cluff to Acquire Verus North Sea Licenses

Cluff Natural Resources announced Tuesday that it will acquire Verus Petroleum’s equity stake in three oil and gas licenses located in the Central North Sea and the Moray Firth.

The company has signed a sale and purchase agreement to buy a five percent non-operated interest in UK Continental Shelf licenses P1944, in Block 14/20e, and P2156, in Blocks 15/11 and 16f. Cluff has also been granted two exclusive options to increase its equity in P1944 and P2156 to 25 percent and to acquire an additional 25 percent interest in license P2082, which contains the Skerryvore exploration prospect.

Commenting CNR’s Chairman and Chief Executive Algy Cluff said:

“The acquisition of these high quality assets, which come with a highly regarded operator in Parkmead, attractive geology, near term drilling opportunities and nearby infrastructure, provide the ideal cornerstone for building a significant new UK oil and gas company focused on the North Sea,” said Cluff Chairman and Chief Executive Algy Cluff in a company statement.

“We believe the lower cost drilling environment in the North Sea, which we expect to prevail for the foreseeable future, provides us with an excellent opportunity to build and advance a substantial portfolio of exploration and appraisal assets. We look forward to working with Parkmead and our new partners to fully appraise the production potential of these exciting assets where exploration success on either would be truly transformational for the company.”

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