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Cluff Natural Resources renews North Sea exploration tax plea - there is upside for the shares

Underground coal gasification (UCG) and North Sea gas play Cluff Natural Resources (CLNR) has called for drastic changes in the planning regime for UCG projects and in the tax treatment of exploration for resources in the UK North Sea. The AIM-quoted company, with licences in Scotland, north-west England and Wales, wants to establish a pilot UCG plant at Kincardine in the the Firth of Forth and is seeking partners to drill two appraisal gas wells in licences in the north-western Lytham Field ‘at no cost to ourselves’, having reduced interim losses nearly 8% to £745,000.

EPIC CLNR
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Cluff Natural Resources scouts for expansion

With Europe’s biggest coal-fired power station at Longannet in Fife set to close next year, diversified underground coal gasification (UCG) play Cluff Natural Resources (CLNR) sounds optimistic as it prepares the planning application for its flagship Kincardine UCG project in the Firth of Forth. Steered by veteran resources entrepreneur and former owner of the Spectator magazine Algy Cluff, the company, whose AIM-quoted shares have slipped from a 5p 12-month high to 3.88p, has submitted what finance director Graham Swindells calls ‘a solution to the Longannet closure’ to the Edinburgh government, which could be faced with a 40% cut in Scotland’s power supply as a result of the shut-down.

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Cluff clinches new funding

Diversified coal gasification play Cluff Natural Resources (CLNR) has raised £2.2 million to advance projects including one find with a potential 450 to 500 billion cubic feet of gas, worth some $1 billion (£662 million). The company raised the money at 4.25p, having tapped AIM for £2 million in December at a lesser 3p, and expects to spend £1.4 million of it preparing this year to seek planning approval, including submitting an environmental impact assessment, for test production at its key Kincardine underground coal gasification (UCG) project in Scotland’s Firth of Forth, which has been estimated to hold up to 350 million tonnes of coal.

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Cluff forges new Halliburton link

Coal gasification play Cluff Natural Resources (CLNR) has signed a memorandum of understanding with Halliburton, the $21 billion (£14 billion) US oilfield services giant, to collaborate in developing AIM-quoted Cluff’s Underground Coal Gasification (UCG) and Southern North Sea gas assets in the United Kingdom. Cluff, spearheaded by veteran entrepreneur and executive chairman Algy Cluff, has so far won eight UK licences for deep UCG covering 613 sq. km., as well as five promote licences covering 11 blocks in the Southern North Sea, and the company cites this new agreement with a major world participant as ‘a significant step’ towards ‘the commercialisation of its deep UCG licences in the UK to unlock the vast energy potential of the country’s un-mined offshore coal resources’.

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Cluff seeks partners after licence wins

Underground coal gasification play (UCG) Cluff Natural Resources (CLNR) will look for partners after the award of 11 ‘promote’ licences’ near the Breagh gas field in the southern North Sea. The AIM-quoted company has also issued its first formal resource statement, of 335 tonnes of coal overall with more than 43 million of them judged suitable for the UCG process, for its wholly-owned Kincardine licence in the Firth of Forth.

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