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Signs Memorandum of Understanding with Leading Oilfield Services Company
Cluff Natural Resources Plc, the AIM quoted natural resources investing company, has announced that it has entered into a memorandum of understanding with Halliburton Manufacturing and Services Limited, one of the world’s largest providers of products and services to the energy industry, with a view to collaborating on the development of CLNR’s Underground Coal Gasification and Southern North Sea gas assets in the UK.
This development marks a significant step for CLNR as it continues towards the commercialisation of its portfolio of Deep UCG licences in the UK to unlock the vast energy potential of the country’s un-mined offshore coal resources and in the development of its Southern North Sea gas licences.
The MOU reflects CLNR’s and Halliburton’s desire to establish areas of possible joint collaboration in the development of the CLNR’s UCG and Southern North Sea gas assets. Such areas of Joint Collaboration will include the acceleration of the development of knowledge and capabilities of CLNR in the development of its UCG and Southern North Sea gas assets, technical consultation and the provision oftechnical and consultancy services and projects by Halliburton. Specifically, this will include:
a) Developing and leveraging new and emerging methodologies, technologies and new business models in relation to the development of CLNR’s UCG and Southern North Sea gas assets;
b) Collaboration in the development of CLNR’s UCG and Southern North Sea gas assets;
c) Further improvement and enhancement of any current technologies; and
d) Enhancing business relationship between the Parties.
The MOU serves to outline and identify the scope and range of the Joint Collaboration. The parties intend to enter into a separate written agreement(s) in relation to the services to be provided by Halliburton pursuant to the Joint Collaboration. The MOU will remain in place until 5 February 2016, unless terminated in advance by either party providing 30 days’ written notice.
CLNR’s UCG portfolio of eight licences provides exposure to five different coal basins in Scotland, England and Wales. The Company’s initial focus is to progress its Kincardine Project in the Firth of Forth, Scotland as it looks to develop the UK’s first deep offshore UCG project.
In addition, CLNR has recently been granted five promote licences covering a total of eleven blocks in an emerging gas province of the Southern North Sea by the Department of Energy and Climate Change for conventional gas exploration.
Algy Cluff, Chief Executive & Chairman commented: “We are delighted to be announcing this MOU with Halliburton and we are excited about the prospect of developing a strategic relationship. Halliburton is one of the world’s largest providers of products and services to the energy industry and its expertise and capabilities offer our company the opportunity to accelerate the development and commercialisation of our UCG assets as well as our Southern North Sea gas assets. This relationship demonstrates our strategy of developing our business and seeking to create value through partnership.”
