Cluff Natural Resources has allowed another deal with Verus Petroleum, over assets in the North Sea, to expire amid "uncertainty concerns".

The move follows a deal made last year with Verus to acquire a 25% interest in licences P1944 (Block 14/20e) and P2156 (blocks 15/11 & 16f), which contain the Fynn and Penny prospects.

The Fynn & Penny prospects are estimated to contain approximately 220 million barrels of potentially recoverable oil.

London-listed Cluff said on Monday the deal has now lapsed, "as uncertainty exists as to the likely timing of any drilling activity on this licence".

Now, the company said it will focus its efforts on further developing its portfolio of assets, in particular its two 100% owned licences (P2252 & 2258) in the Southern North Sea.

The company’s shares dropped 10.1% on Monday morning in London.

"Our primary focus continues to be the farm out of our highly prospective licences in the southern North Sea gas basin," Cluff’s chief executive Algy Cluff said.

"Whilst this process is still at a relatively early stage, it has got off to a very encouraging start and since opening the data room the prospects have attracted a significant level of interest from established North Sea operators," Cluff said.

This is the second licence deal that fell through for Cluff with Verus, after last year UK industry authorities did not grant the licence an extension.

The agreement included an option to acquire a 25% participating interest in the P2082 licence, which contains blocks 30/12c, 13c, 17e & 18c and the Skerryvore exploration prospect in the central North Sea.

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Cluff drops another Verus deal