30th Apr 2018 14:24
LONDON (Alliance News) - Cluff Natural Resources PLC on Monday reported a slightly narrowed loss for 2017 in a year in which it applied for a number of new licences in the UK North Sea.
Cluff, which has a number of natural gas licences in the North Sea, posted a pretax loss of GBP1.6 million for 2017 compared to a loss of GBP1.7 million a year earlier. It recorded no revenue, given it has no producing assets.
The company is looking in 2018 to secure funding to drill at least one well on its existing licences as well as on possible licences it could win which it applied for in November in the 30th round of UK offshore licencing.
During 2017, highlights includes promising scoping studies on the Cadence-Scremerston and Basset Bunter prospects on the P2248 licence Cluff holds, as well as a GBP1.0 million fundraise in October. Alongside a further GBP750,000 raised since the end of 2017, the company is full funded for 2018, it said.
Cluff said it is well positioned going forward into a better industry environment, given it is a "low cost" firm with no debt.
Shares were up 0.1% on Monday at 2.20 pence each.
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