LONDON (Alliance News) - Cluff Natural Resources PLC Tuesday reported a narrower pretax loss in the first half of 2015 as its costs fell and said the company has the potential to turn into a "new generation" hydrocarbon company over the next year as it develops its UK portfolio.
The company, which focuses on extracting gas from oil coal mines, reported a GBP744,668 pretax loss in the first half of 2015, narrowing from a USD809,052 loss a year earlier as its administrative and finance costs fell. The company does not currently generate any revenue.
At the end of the period, Cluff reported a cash balance of USD1.9 million, up from USD1.2 million at the end of December after the company conducted a placing in the first half.
Cluff is currently progressing its underground coal gasification portfolio in the UK alongside its conventional licences in the Southern North Sea where it is involved in eleven blocks over five licenses.
Its main flagship project is the Kincardine underground coal gasification project in Scotland where site selection studies, environmental work, modelling and engineering design work which are needed for its planning application are underway.
"The next twelve months may well see the creation of a new generation Cluff hydrocarbon company," said the company.
Cluff shares were down 3.8% to 3.85 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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