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Update confirming significant progress under Memorandum of Understanding with Halliburton on Southern North Sea and UCG assets
Cluff Natural Resources Plc, the AIM quoted natural resources investing company, has announced that under the terms of its memorandum of understanding with Halliburton Manufacturing and Services Limited, significant progress has been made in the context of accelerating the development of both the Company’s Southern North Sea gas and Underground Coal Gasification assets in the UK.
The Company and Halliburton are currently working together on a structure which will facilitate and accelerate the drilling of one or more wells on CLNR’s conventional licences in the Southern North Sea. At the same time Halliburton is providing technical and geological assistance in the development of CLNR’s Southern North Sea assets and its Kincardine UCG Project in the Firth of Forth, Scotland.
This technical support is being utilised to develop the proposed submission of a planning application for a UCG production test at Kincardine.
Background:
CLNR has 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 (‘DECC’) for conventional gas exploration. The Company was awarded the licences in December 2014 following the UK’s 28th Round of Offshore Licencing and expects to announce a contingent resource statement later in the year.
CLNR’s UCG portfolio of nine 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.
Algy Cluff, Chief Executive & Chairman commented: “We are delighted with the progress that has been made since the signing of the MOU with Halliburton in February. We are excited about the prospect of continuing to develop our strategic relationship with Halliburton with a view to accelerating the development and commercialisation of our assets and look forward to providing further updates in due course.”
