io delivers value to Cluff Natural Resources on their Dewar prospect

Following completion of a feasibility study for the Dewar Prospect undertaken by io oil & gas consulting (io), and Cluff Natural Resources’ (Cluff) prospect evaluation based on access to recently re-processed 3D seismic data and drilling results which were unavailable to previous licence holders, io is pleased to announce its client, Cluff, has identified a viable development option for the Dewar Prospect in the Central North Sea.

Cluff announced on its website [1] an update on the Dewar Prospect (P2352) Commercial Feasibility Study and Farm Out Process. Citing that an early stage feasibility study, carried out by io, has identified a viable development scenario based on a two-well subsea development, tied back to the BP operated Eastern Trough Area Project (ETAP) Central Processing Facility located approximately 5km to the north west of the prospect. Other potential offtake options have also been identified as part of this study.

Cluff will now look to reduce its 100% working interest in the Dewar Prospect and has commenced a formal farm-out process with the aim of attracting one or more partners to provide funding for future exploration of the block. Cluff’s CEO Graham Swindells said:

“The Dewar prospect represents a significant and valuable exploration target which is located in close proximity to existing production infrastructure. The successful farm-out of two of our Southern North Sea licences to Shell earlier this year has led to a growing recognition of our technical team within the industry and provides a great platform from which to launch this next farm-out process.”

[1] https://www.cluffnaturalresources.com/wp-content/uploads/2019/07/Dewar-Prospect-Commercial-Feasibility-Study.pdf

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