Cluff Natural Resources (CLNR) has gone into extra time in its bid to secure a partner for its Pensacola prospect in the southern North Sea.
CLNR said in November that it had entered into an exclusivity agreement with a “major international oil and gas company” for its 100%-owned licence P2252.
The exclusivity period was meant to lapse on January 31.
London-listed CLNR said today that discussions over a farm out had reached an “advanced stage”, but had not yet concluded.
As a result, the exclusivity period has been extended by one week.
CLNR has been searching for a partner for a long time. The firm was awarded the licence in the 28th round.
In November, the Oil and Gas Authority agreed to extend the licence by six months to the end of May.
Chairman Algy Cluff, who set up the company in 2012, was involved in the discovery of the North Sea Buchan field 40 years ago.