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Cluff Natural Resources raises £2mln to advance UK UCG projects

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Cluff Natural Resources (LON:CLNR) has raised £2mln from investors to help it take forward five underground coal gasification projects in the UK.

The group’s projects are found in the Firth of Forth, in Scotland; the Loughor Estuary in Carmarthenshire, South Wales; the Dee Estuary, in North Wales and Merseyside; and at Whitehaven in Cumbria.

Using the cash, Cluff Natural plans to advance work on feasibility studies, as well as assessing geological and seismic data, securing land options for possible test drilling, and work on environmental impact assessments.

At the same time the company says it will continue to evaluate other potential projects in oil and gas, in line with its investing policy.

"I am delighted to have secured this funding in order to progress the five Deep UCG licences we have successfully secured in the UK in 2013,” said chief executive Algy Cluff.

“With an estimated 1.75 billion tonne total coal resource within our portfolio we are eager to commence the necessary steps to unlock this stranded energy in order to address the UK's drastic energy shortfall and create value for shareholders."

Cluff Natural is issuing 66.66mln new shares priced at 3p per share – a discount to yesterday’s closing price of 3.87p.

The company also announced that it would commit to certain measures to preserve cash; this will include reducing the size of the board and reducing staff costs.

Quick facts: Cluff Natural Resources PLC

Price: 1.525 GBX

AIM:CLNR
Market: AIM
Market Cap: £21.44 m
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