Shell to Take 50% Interest in Second Cluff Natural Resources License
April 30 2019 - 5:57AM
Dow Jones News
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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