LONDON (Alliance News) - Cluff Natural Resources PLC saw its shares rise Friday after it announced it has been provisionally awarded eleven licenses by the Department of Energy and Climate Change via the UK's 28th offshore licensing round.
Cluff shares were up 6.7% to 4.00 pence per share Friday afternoon.
All of the licenses are located in the southern North Sea near the Breagh gas field, and the company believes it is an under-explored area that can benefit from the latest technology that will allow the fields to be developed quickly.
"Securing eleven North Sea licences is a major achievement for our company and further establishes our position as a natural resources focussed investing company and reflects our commitment to the UK and to the North Sea," said Chairman and Chief Executive Algy Cluff in a statement.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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