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To pay for its share of drilling costs, Cluff Natural Resources (CLNR) has raised £15m through placing of 854.2million shares with new and existing investors. Shell has recently completed a 70% farm-in to the P2252 licence in the southern sector, containing the 100 million-barrel Penascola prospect. It also signed a deal to farm in 50% to Cluff’s P2347 licence which contains the Selene discovery.
