Hot Features
Premium
Trade smarter, not harder: Unleash your inner pro with our toolkit and live discussions.
Preliminary Results
Cluff Natural Resources has announced its audited preliminary results for the year ended 31 December 2014.
Highlights:
· Continuing to build substantive portfolio of Underground Coal Gasification Licences inshore UK – portfolio totals 690km2
· Awarded eleven blocks contained within five licences in the Southern North Sea in the 28th Offshore Licensing round
· MOU signed with Halliburton with a view to collaborating on the development of CLNR’s UCG and Southern North Sea gas assets in the UK
· Progression of flagship Kincardine UCG project in the Firth of Forth, Scotland
o JORC coal resource of 335 million tonnes of coal, of which 247 million tonnes are ‘measured’ or ‘indicated’ – equivalent energy to approximately 11 TCF of natural gas in place (mid case)
o Site selection studies, environmental surveys and modelling and engineering design work required to support this planning application are underway
· JORC Exploration target defined at Point of Ayr, North Wales UCG licence of between 980 million and 1.23 billion tonnes of coal
· Further strengthened the Board of Directors with the appointment of Andrew Nunn as COO
· Successfully completed fundraise of £2.2 million in March 2015
Chairman and Chief Executive’s Statement:
My last statement focused on our UCG aspirations in the UK and our aim to unlock the vast energy potential of the country’s un-mined offshore coal resources. We have been making significant progress in this regard, however in light of the anticipated timing for the planning approval process for UCG operations in the UK, I stressed our complementary ambition to secure conventional offshore oil and gas licences. To that end we successfully applied for various blocks in the 28th Round of Offshore Licensing in April 2014 in the Southern North Sea gas basin and in December 2014 we were formally awarded eleven blocks contained within five licences. We are consequently focusing on these conventional licences for nearer-term value generation as we look to develop this company into an integrated oil and gas investment company
