Cluff Natural Resources, the natural resources investing company with gas assets in the Southern North Sea, has announced that it has signed a sale and purchase agreement (SPA) and exclusive option agreement with Verus Petroleum (CNS) Ltd and Verus Petroleum (SNS) Ltd (Verus) in relation to the acquisition of Verus’s equity stake in three traditional oil and gas licences located in the Central North Sea and the Moray Firth. These licences, two of which are effectively drill ready, are operated by The Parkmead Group (AIM:PMG).
CNR’s Chairman and Chief Executive Algy Cluff says, “The acquisition of these high quality assets which come with a highly regarded operator in Parkmead, attractive geology, near term drilling opportunities and nearby infrastructure, provide the ideal cornerstone for building a significant new UK oil and gas company focussed on the North Sea. We believe the lower cost drilling environment in the North Sea, which we expect to prevail for the foreseeable future, provides us with an excellent opportunity to build and advance a substantial portfolio of exploration and appraisal assets. We look forward to working with Parkmead and our new partners to fully appraise the production potential of these exciting assets where exploration success on either would be truly transformational for the Company.”