Cluff Natural Resources Share Discussion Threads

[a1m1investor] 04/6/2020 08:32

"in light of the current investment environment it is anticipated the Selene well will now be drilled in 2022."

What are you talking about Purple, Selene is off till 2022 and was meant to be drilled 2020. That's 2 years. Your trying hard to make this update out to be good, it's terrible, everyone knows it's terrible, everyone is now just trying to trick some less knowledgable investors so they can sell out. It's sad behaviour. If your investment goes bad, take it on the chin and get out, trying to trick others into taking it on is discraceful imo.

[oilretire] 04/6/2020 08:31

purple - firm commitment to drilling??

Which asset has a 'firm commitment' well?

None I can see, all are pending final decisions

[cpap man] 04/6/2020 08:30

Commenting, CEO Graham Swindells, said:

"Despite the major impact of Covid-19 on our industry, we have continued to progress our core gas projects. We are delighted that Shell remains committed to drilling both the Pensacola and Selene wells and we remain fully funded for our share of both wells. We are equally encouraged by the level of early interest in our other assets, in particular the Cupertino licence in the Southern North Sea and we also look forward to the results of the 32nd Licensing Round in the summer. In the meantime, we believe that current market conditions will further reduce operating costs and may present value accretive opportunities which, with a strong balance sheet and no debt, we look forward to pursuing."

[oilretire] 04/6/2020 08:28

I suspect you have a different agenda to me a1m, however we didn't have to be rocket scientists to work out that drilling of the Selene & Pen were going to be delayed given the amount of NS projects that Shell had already delayed from this year into 2021. It was bound to have a knock on effect.

[purple11] 04/6/2020 08:26

give it 6 months and then share price will build in anticipation of spud.

multibagger from here for the patient.

[purple11] 04/6/2020 08:25

Shell and Cluff are fully committed to drilling Pensacola and Selene prospects, with drilling anticipated to commence in H2 2021

[purple11] 04/6/2020 08:24

its a one year delay h2 2021

stop try and misleading ppl.

they also have a firm commitment to drilling.

[a1m1investor] 04/6/2020 08:20

I've highlighted CLNR's propensity to be less than transparent for quite some time now. It was clear that all activity would be off for years due to COVID-19 and that selene was already delayed, they should have been honest with shareholders from the beginning...instead they put out an RNS saying work programmes remain on track...well a 2 year delay doesn;t look it's on track to me. No wonder they are having a closed shop AGM and waited till the same morning to release this update, no shareholders will be able to put forward any questions about why the market wasn;t updated sooner now...how convenient.

[oilretire] 04/6/2020 08:06

'Shell and Cluff are fully committed to drilling Pensacola and Selene prospects'


To me (a holder) thats a very misleading headline compared to what you read in the detail below

[a1m1investor] 04/6/2020 08:05

It's the nail in the coffin here, told you nothing will be happening here for years now. Come back in 12 months time and see whats going on. This is done and dusted now.

[barnes4] 04/6/2020 07:52

At least the resources have now come clean and updated long suffering support

[a1m1investor] 04/6/2020 07:48

Selene off until 2022!! I did say this would happen, i posted yesterday that 2022 would be the likley timescale. I tried to warn you all that everything would be off due to COVID. Wake up people!

0.2p incoming!

[barnes4] 04/6/2020 07:30

Yes but none of this matters to inch highs aim don’t you see

[a1m1investor] 04/6/2020 07:25

Lol, there you go, what a terrible update. The company are effectively going into hibernation.

Selene:
" in light of the current investment environment it is anticipated the Selene well will now be drilled in 2022. "

Dewar:
"it is considered unlikely that a commercially attractive farm-out deal will be reached in the current oil price environment."

future placing, exactly as I said would happen to allow a further discounted placing to take place: "The Company will review opportunities, including the potential to acquire cash generative production, as the industry adjusts to the lower commodity price environment and operators review their strategy and portfolios"

Hiberantion:
"Review of the entire asset portfolio resulting in investment only in core licenses

· Deferral or cancellation of discretionary and non-core projects which require third-

party support

· Deferral of a number of contingent work programme items, related to technical and

commercial studies on various licence assets (other than Selene and Pensacola), which would have relied on external consultants (these will be reassessed in early 2021)

· Reduction of headcount and removal of all retained contractors

· Reduction of budgeted costs associated with remaining staff

· Exercise of a break clause on its office and relocation to smaller, lower cost space"

[barnes4] 04/6/2020 07:23

Roar seems like the inch high private eyes nostrils will be flared this morning aim

Expect the ap to really react to this rns

[purple11] 04/6/2020 07:20

shell confirmed fully committed to drilling.

[purple11] 04/6/2020 07:18

CluffNaturalResources

@CNRplc
·
10m


#CLNR are pleased to announce a positive operational and corporate update. Shell has confirmed it is fully committed to drilling both the Pensacola and Selene prospects, commencing in 2021! #NorthSea

[purple11] 04/6/2020 07:06

cash 13.2m

[purple11] 04/6/2020 07:05

Highlights
-- Shell and Cluff are fully committed to drilling Pensacola and Selene prospects, with drilling anticipated to commence in H2 2021:
o Pensacola is estimated to contain P50 prospective resources of 309 Billion Cubic Feet ("BCF") of gas, with nearby infrastructure
o Selene is estimated to contain P50 prospective resources of 291 BCF of gas in close proximity to infrastructure
-- The exploration and development team continues to work on existing projects, which have already attracted encouraging early interest from industry peers:
o The Company is seeking to begin the farm-out process on a further two of its licences in the second half of 2020
-- The Company has applied for multiple licences in the UK 32(nd) offshore licensing round, with results expected this summer:
o All of the applications have been made solely by Cluff, apart from one which has been made jointly with an established international operator
-- The Company remains in a strong financial position with cash of GBP13.2m as at 31 March 2020, resulting in the Company being fully funded for its planned drilling operations
-- The Company has reviewed all aspects of its business and enacted a number of cost saving initiatives that will result in significant cost reductions, to retain the Company's strong financial position
-- The Company will review opportunities, including the potential to acquire cash generative production, as the industry adjusts to the lower commodity price environment and operators review their strategy and portfolios
-- Subject to shareholder approval, the Company has proposed to change its name to Deltic Energy Plc, to reflect the transition into a more operationally focused phase
Commenting, CEO Graham Swindells, said:
"Despite the major impact of Covid-19 on our industry, we have continued to progress our core gas projects. We are delighted that Shell remains committed to drilling both the Pensacola and Selene wells and we remain fully funded for our share of both wells. We are equally encouraged by the level of early interest in our other assets, in particular the Cupertino licence in the Southern North Sea and we also look forward to the results of the 32(nd) Licensing Round in the summer. In the meantime, we believe that current market conditions will further reduce operating costs and may present value accretive opportunities which, with a strong balance sheet and no debt, we look forward to pursuing."

[a1m1investor] 04/6/2020 05:55

Barnes, CLNR is being pumped on twitter, posting fake information that news is due when we know it isn't in an attempt to pump up the share price. We started to see some big sells appear yesterday and I expect it will happen again today. Just be careful is all, these things generally end up badly...

[barnes4] 03/6/2020 20:55

What has been pumped on Twitter A1m?

Surely this lot would be tightening their belts if they hadn’t got substantial news to impart?

The inch high private eyes will dump with the slightest whiff of no news/bad news

[a1m1investor] 03/6/2020 19:43

Just be very careful here, it is being pumped on twitter with outright false information. All the evidence points to nothing happening here for quite some time. There are no drills planned for the this year in the southern north sea basin and Shell will not be making decisions on it until the price of oil stabilises and they know how their budgets will be effected. The whole of O&G exploration is being put on hold. My guess is this won;t be drilling here until 2022, all exploration is being shelved for the foreseeable future.

[barnes4] 03/6/2020 14:44

Roar it makes no difference Aim1

Once an inch high private eyes nostrils are flared the only way is up

[barnes4] 03/6/2020 14:44

Roar it makes no difference Aim1

Once an inch high private eyes nostrils are flared the only way is up