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16 Sep 2019 | 13:49

Cluff Natural Resources books first-half loss after relinquishing exploration licence

Cluff Natural Resources booked a first-half loss after it wrote down the value of a relinquished exploration licence in the North Sea.

Pre-tax losses for the six months through June amounted to £1.56m, compared to losses of £0.79m on-year.

Cluff farmed out stakes of 70% and 50%, respectively, in two North Sea prospects to Shell during the reporting period.

'As a result, active operations have been completed on the company's investments for the first time since inception, with a 3D seismic survey acquired in the Southern North Sea to evaluate the Pensacola prospect,' chairman Mark Lappin said.

'The company is anticipating drilling activity in 2020 and continues to work with Shell to seek to secure a well investment decision in respect of the Selene prospect later this year.'

'In addition to work being carried out on licences P2252 and P2437, the company has launched the farm-out process for the Dewar prospect in the Central North Sea which has commenced in a significantly better oil price environment than we have seen for years.'

A number of parties, including major oil and gas companies, had already expressed an interest in the Dewar prospect and were currently in the data room, Lappin said.

The farm-out process as scheduled to run for the next few months.

At 1:49pm: (LON:CLNR) Cluff Natural Resources PLC share price was +0.03p at 1.45p

Story provided by StockMarketWire.com
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