By Adria Calatayud 



  Cluff Natural Resources PLC said Thursday that it and Royal Dutch Shell PLC now expect to drill the Selene prospect in the North Sea in 2022, in light of low commodity prices and the coronavirus pandemic. 


  Cluff--a London-listed natural-resources investor which plans to rename itself as Deltic Energy PLC--had previously said it expected to drill the prospect, in which it owns a 50% and Shell the remaining 50%, in 2021. 


  Pensacola, another North Sea joint project between Cluff and Shell, is anticipated to be drilled in the second half of 2021, Cluff said. 


  Cluff said it has no direct financial exposure to the disruption caused by the coronavirus pandemic and current low commodity prices, and that it is fully funded for its planned drilling operations. However, the company has introduced cost-saving initiatives to retain a strong financial position and is limiting investment to core licenses. 


  As of March 31, the company had cash of 13.2 million pounds ($16.6 million), it said. 


  "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," Cluff Chief Executive Graham Swindells said. 


  Shares in Cluff at 0756 GMT were down 3.2% at 0.75 pence. 


  Write to Adria Calatayud at adria.calatayud@dowjones.com