Cluff Natural Resources Plc is an AIM-listed natural resources investing company founded by Algy Cluff. To date, the company has invested in offshore oil & gas assets in the UK as follows:
In the Southern North Sea the Company has 100% equity position in two highly prospective licences in the Southern North Sea gas basin. These ‘Promote’ licences were awarded in the 28th Round and have recently had their initial term extended by a further 12 months. Both blocks are in an area that has seen significant recent exploration success and a number of recent developments which have started producing. The Company believes this is an under-explored, emerging area which is potentially responsive to the latest seismic and drilling technology, where fields can be developed quickly and infrastructure is evolving rapidly.
In October 2016 the Company announced a Competent Person’s Report focused on P2248 (Block 43/11), which confirmed P50 Prospective Resources of 1.73 TCF associated with a number of prospects located across the licence including the large ‘Cadence’ prospect in the early Carboniferous and 3 prospects in the Bunter Sandstone. This brings the independently assessed P50 prospective resource across both blocks to 1.9 TCF.
In May 2016 the Company signed a binding Sales Purchase Agreement and exclusive Option Agreements with Verus Petroleum which enables the Company to acquire up to 25% of 2 licences located in the Outer Moray Firth. These licences include 55 million barrels of potentially recoverable oil.
The Company also has a MOU in place with Halliburton which was recently extended for a further two years.
The Company’s Founder, Algy Cluff, has extensive experience and contacts obtained during 40 years’ of successful investing in the natural resource sector. In 1975, Algy was involved in the discovery of the Buchan oil field. The Buchan Field was one of the first discoveries made in the UK North Sea and is still producing to this day.
Download our latest annual report.