LONDON (Alliance News) - Cluff Natural Resources PLC on Monday reported a widened interim loss as the energy project investment company works to find farm-in partners for North Sea licences.
In the six months ended June, Cluff Natural Resources posted a pretax loss of GBP794,481 versus GBP774,288 pretax loss recorded the year before.
The investment company did not post a revenue in the half - same as the year before - but did increase its administrative expenses to GBP795,000 from GBP775,009.
Cluff Natural Resources said the widened loss included a non-cash share-based charge of GBP32,572, versus GBP86,263 a year ago.
Administrative expenses increased, the company said, mainly due to costs relating to the UK's 30th offshore licencing round and "general overheads".
During the period, the company was awarded six licences by the UK Oil & Gas Authority. The licences cover 10 full and part blocks in the central and southern North Sea.
Cluff Natural Resources said the expenditure directly relating to its two existing 100% owned southern North Sea licences has been capitalised to intangible assets. The expenditure totalled GBP255,732, compared to GBP148,419 the year before - reflecting increased "ongoing technical investment" in the licences.
The company's intangible assets increased to GBP1.0 million from GBP701,589.
The AIM-listed energy project investor's cash position at the end of the period was GBP871,717, down from GBP1.0 million at the end of 2017. This position does not include the GBP2.0 million Cluff received for a share placing and subscription in July.
Looking ahead, the company believes exploration in the North Sea "is beginning to look far more positive".
Cluff's "immediate focus" remains on finding farm-in partners for its P2248 and P2252 licences - with the expectation of drilling exploration wells in 2019.
Shares in Cluff Natural Resources were down 0.8% Monday at 1.94 pence each.
