Cluff Natural Resources is evaluating conventional near-term production oil and gas opportunities in North and West Africa where management has significant experience. This is expected to provide potential near term access to cash flow. Cluff Natural Resources has reported a strong cash position of £2.9 million at year end following fundraise of £2.0 million in November 2013.
The investigation into conventional onshore oil and gas opportunities in North and West Africa is part of the company’s four key objectives, which also include adding more licences for underground coal gasification in the United Kingdom, raising the awareness of the important implications which the production of offshore UCG has for the United Kingdom, and building up a team with the appropriate disciplines to move Cluff Natural Resources’ licences forward through the planning phase and into the exploratory drilling phase.
“Whilst the company’s primary focus is on the evolution of UCG, there can be no certainty of the time scales of the planning approvals which would herald the drilling of the first holes into our licence areas. In the meantime, we believe our duty to investors includes securing the company’s future by developing a rapid access to cash flow,” said Cluff Natural Resources chairman and chief executive JG Cluff.
Cluff Natural Resources’ management has considerable experience of Africa and particularly West African geology and judge that there are certain countries such as Morocco, Senegal and the Ivory Coast which have increasing GDP’s and populations but which import nearly all of their energy.
“With the improvements in the gas to electricity technology, onshore gas accumulations can be rapidly connected to the electricity grid. Accordingly, we intend to continue to evaluate oil and gas opportunities in this region as we seek to enhance value for shareholders,” Cluff concluded.