LONDON (Alliance News) - Cluff Natural Resources PLC on Wednesday said its pretax loss narrowed slightly in line with costs in 2014, as it made progress on building its portfolio of underground coal gasification assets.
Cluff said its pretax loss was GBP1.7 million for the year, compared to GBP1.9 million a year earlier, with the narrowed loss in line with a fall in costs as the group produced no revenue.
The company said it has made progress on building an underground coal gasification licence portfolio onshore in the UK, with eleven blocks within five licences awarded to the company in the 28th offshore licensing round. The group also signed a deal in the past year with US oil services group Halliburton Co to develop its underground coal gasification and southern North Sea assets.
Shares in Cluff were up 2.7% to 3.85 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
