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UK upstream junior Cluff completes North Sea gas farm-out to Shell

Highlights

Shell now has 50% in license with Selene prospect

UK Southern Gas Basin under 'increased focus': CEO

Seismic survey also started at Pensacola prospect

London — UK-listed explorer Cluff Natural Resources has completed the sale to Shell of a 50% stake in a UK offshore gas license asthe two companies move forward with plans to drill a first well at the site.

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Shell in April exercised an option to take a 50% stake in license P2437 -- containing the 291 Bcf (8.2 Bcm) Selene prospect -- and with the deal now complete the partners expect to drill a well "at the soonest possible opportunity."

Cluff and Shell are also partners at UK offshore license P2252 containing the 309 Bcf Pensacola prospect where first 3-D seismic work began earlier this month.

Cluff CEO Graham Swindells said the farm-out agreement with Shell for license P2437 would enable the partners to "de-riskand ultimately drill the high-impact Selene prospect."

Shell said the two deals with Cluff were "consistent with our strategy to continually reshape and high-grade our portfolio."

SOUTHERN BASIN

Shell has taken a number of final investment decisions in the past year for gas developments in the UK offshore, including to develop the Fram, Arran and Shearwater assets, while for Cluff the partnership with Shell will help move its assetdevelopments forward.

"The UK's Southern Gas Basin is coming under increased focus currently with several highly material exploration campaignsongoing around our acreage," Swindells said.

The Selene and Pensacola prospects have combined resources of some 600 Bcf of gas.

Cluff said Selene was "highly analogous" with a number of nearby fields including the Shell-operated Barque gas field, which exports gas to the Bacton gas terminal.

"A number of other prospects have also been identified on the block which are covered by existing seismic data and will be evaluated in due course," Cluff said.

The Selene prospect is considered low risk with an estimated chance of success of 39%.

-- Stuart Elliott, Stuart.Elliott@spglobal.com

-- Edited by Jonathan Fox, jonathan.fox@spglobal.com