10th Nov 2014 09:54
LONDON (Alliance News) - Cluff Natural Resources PLC Monday said it has received its initial JORC resource estimate for its Kincardine licence in the Firth of Forth, Scotland.
The resource estimate at the project totals 335 million tonnes of coal, of which 247 million tonnes is in the measured and indicated category. Two coal seams contributed 43 million tonnes of coal which is considered suitable for underground coal gasification.
Underground coal gasification is a contentious industrial process, which converts coal into product gas and from the 43 million tonnes of suitable coal, it is considered that it contains 1,471 petajoules of energy, which is the equivalent to 1.39 billion cubic feet of natural gas on an energy equivalent basis, it said in a statement.
To put this in context, 1 billion cubic feet of natural gas is enough to meet the entire combined energy needs of approximately 11,000 homes for one year or the average annual energy output of 49 of the largest onshore wind turbines, said the company.
"The emerging underground coal gasification industry has a significant role to play in unlocking the UK's most abundant indigenous energy resource which, with the imminent closure of the last deep coal mines, is now otherwise effectively beyond reach," said Chairman and Chief Executive Algy Cluff.
Cluff shares were up 2.7% to 4.75 pence per share Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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