Cluff Natural Resources Focused On Attracting Partners

By Alex MacDonald

LONDON--U.K.-focused energy firm Cluff Natural Resources PLC (CLNR.LN) said Thursday that it plans to attract partners to tap the full production potential of its oil and gas assets in the North Sea as it works with its partner Halliburton Co. (HAL) to identify drill targets.

The U.K.-listed firm also said that it ended 2015 in a better cash position than was expected at the time that it last issued shares, with 1.1 million pounds ($1.7 million) in total.

The company, however, noted that it hasn't been able to reclaim the GBP331,125 that was owed it in September by one its share subscribers. Cluff is now considering its next step.

The firm also said it plans to develop the six out of nine Underground Coal Gasification assets that it owns in England and Wales after Scotland's decision to put a moratorium on the development of all such projects last year. Cluff had previously prioritized the development of the Kincardine UGC project in Scotland.

Write to Alex MacDonald at alex.macdonald@wsj.com

(END) Dow Jones Newswires

January 07, 2016 03:36 ET (08:36 GMT)

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