LONDON (Alliance News) - North Sea-focused oil and gas firm Cluff Natural Resources PLC on Friday said it will raise GBP1.8 million via a discounted placing to provide it with sufficient funding for 2017.
Cluff said it will use the funds to work towards its aim of farming down its equity positions in two production licences in the southern North Sea gas basin, in addition to continuing to de-risk other licences in its portfolio.
Cluff will raise money via an accelerated bookbuild, to be run by Allenby Capital Ltd, and the shares will be issued at 2.50 pence each. Cluff shares were down 20% after the announcement at 2.93p, having opened at 3.65p.
The firm said Algy Cluff, its chairman and chief executive, has signalled he will take part in the subscription.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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