NORTH Sea-focused Cluff Natural Resources has increased its estimate of the amount of oil and gas there may be on one licence by 300 per cent after completing further analytical work.
Led by oil and gas entrepreneur Algy Cluff, the company announced an increase in prospective resources on the P2252 licence off eastern England from 162 billion cubic feet gas to 636 BCF, on the industry standard proved and probable basis.
The upgrade takes account of work completed to reprocess 3-D survey information. Cluff Natural Resources said this has provided an enhanced level of confidence in the mapping of prospects on the licence.
Mr Cluff said the company’s technical focus on its core licences has allowed it to de-risk known gas prospects and to enhance the potential exploration upside in its portfolio.
He expects the results of the work will make it easier for the company to get other firms to buy in to the licences through farm-outs.
“We are confident that the quality and scale of these assets will continue to attract the interest of existing operators and potential new entrants,” said Mr Cluff, a pioneer of North Sea exploration.
The slump in the crude price since 2014 has been followed by cuts in exploration budgets in the North Sea.
However, the cost of services such as drilling support has fallen amid the slowdown in the area.
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