By Adam Clark

 

Royal Dutch Shell PLC (RDSA.LN) will take a 50% working interest in Cluff Natural Resources PLC's (CLNR.LN) P2437 license in the North Sea.

Cluff said Tuesday that Shell will pay $600,000 for the option and will cover 75% of the costs of an exploration well, subject to a $25 million cap.

Cluff shares at 0916 GMT were up 0.75 pence, or 30%, at 3.23 pence.

The license contains the Selene prospect, which has prospective resources of 291 billion cubic feet of gas.

In February, Shell agreed to take on a 70% interest in Cluff's P2252 license, also in the North Sea.

 

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

 

(END) Dow Jones Newswires

April 30, 2019 05:42 ET (09:42 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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