Cluff Natural Resources said that it, together with its operating partner Shell, had completed a broadband 3D seismic survey over the Pensacola prospect in the Southern North Sea. The results of the survey were expected in the early third quarter of next year.
The survey, conducted by Shearwater GeoServices using the Polar Empress, was completed on time and with no health, safety or environmental incidents., the company said.
The data collected would now be processed, along with the existing legacy dataset, to pre-stack depth migration (PSDM) with the final results expected to be received by the early third quarter of 2020, although some interim results may be available before this date, the company added.
Under the terms of the farm-in agreement, Shell were paying 100% of the costs of the seismic acquisition, processing and interpretation work programme until the end of 2020 or until a well investment decision was made.
'The partnership is still on course to meet the timelines agreed with the Oil and Gas Authority and a decision on the contingent well commitment is expected to be taken in the second half of 2020,' said Cluff Natural Resources.
'While awaiting delivery of the newly acquired seismic data, we continue to work with Shell on licence P2437 as we progress the Selene prospect towards a drilling decision,' it added.
At 9:42am: (LON:CLNR) Cluff Natural Resources PLC share price was +0.08p at 1.55p