5th Sep 2014 07:58
LONDON (Alliance News) - Cluff Natural Resources PLC Friday reported a narrowed net loss for the first six months of the year as administrative expenses fell.
The company, which doesn't currently earn any revenue, posted a loss of GBP809,052 for the six months to June 30, narrowed from GBP853,156 a year earlier, as administration expenses dropped and finance income increased.
Cluff has built a portfolio of underground coal gasification licences in the UK. Underground coal gasification involves injecting oxidants into unmined coal seams and bringing the resulting gas to the surface through drilled production wells. Supporters of the process say it's a way of producing energy from coal that can't be economically mined because the seams are too deep or too thin.
In its statement, Cluff said it secured three additional licences after the half-year ended and it now owns eight licences covering 61.274 hectares. It said it is now entering a planning phase: talking with potential customers for the gas and considering joint venture arrangements.
Its cash position at the end of the first half was GBP2.2 million, down slightly from GBP2.9 million at the end of December, 2013.
Cluff Natural Resources shares were flat at 3.88 pence early Thursday.
By Steve McGrath; [email protected]; @stevemcgrath1
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