LONDON (Alliance News) - North Sea-focused oil and gas firm Cluff Natural Resources PLC on Wednesday said its pretax loss widened due to impairment charges in 2015.
Cluff said its pretax loss for the year to the end of December was GBP1.9 million, compared to GBP1.7 million in 2014. The company makes no revenue, so the loss was driven by a GBP336,790 impairment booked on its assets in the year, which offset a decline in administrative costs.
The impairment was booked on the company underground coal gasification assets, Cluff said, after it switched its focus to developing five conventional licences in the North Sea. This followed a moratorium on underground coal gasification work in Scotland imposed in October 2015.
Post the end of the year, Cluff also signed an option agreement over three further licences in the North Sea and extended its memorandum of understanding covering the development of its assets with Halliburton Co, the US oil services group.
Cluff shares were down 1.0% to 1.21 pence Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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