UK-based energy investment company Cluff Natural Resources (CLNR) announced Thursday a significant increase in P50 Prospective Resources on its 100 percent owned License P2252, from 162 billion cubic feet to 636 Bcf.
The increase is primarily due to the newly named Pensacola Prospect, which the company estimates to have P50 Prospective Resources of 424 Bcf. This update increases the CLNR’s combined P50 Prospective Resources to 2.37 trillion cubic feet, according to a company statement.
"We are delighted that our continued technical focus on these core licences continues to de-risk known gas prospects and enhance the exploration upside contained within the portfolio,” Algy Cluff, chief executive and chairman of CLNR, said.
“The Company has a 100 percent equity position in its highly prospective licenses in the Southern North Sea which deserve to be fully appraised. We are confident that the quality and scale of these assets will continue to attract the interest of existing operators and potential new entrants as we progress through the farm-out process."
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