LONDON (Alliance News) - Cluff Natural Resources PLC Friday reported widened losses for 2013, as it focuses on developing its license areas for underground coal gasification.
The underground coal gasification company with operations in the UK said its net loss widened to GBP1.9 million in the year ended December 31, 2013, compared with a net loss of GBP871,730 in 2012.
The company it yet to generate any revenues.
Cluff Natural Resources said its portfolio of underground coal gasification licences inshore UK, now totals 30,881 hectares.
It also said it is evaluating conventional near-term production oil and gas opportunities in North and West Africa, which would provide potential near term access to cash flow.
"Whilst the company's primary focus is on the evolution of underground coal gasification, there can be no certainty of the time scales of the planning approvals which would herald the drilling of the first holes into our licence areas. In the meantime, we believe our duty to investors includes securing the company's future by developing a rapid access to cash flow," the company said in a statement.
The company said it is commencing site selection within its licence portfolio with a view to planning test drilling.
It also said its held a strong cash position of GBP2 million at year end, having raised GBP2 million in a share placing at the end of last year.
Cluff Natural Resources said that over the next few months it expects to have selected one or more potential sites from its portfolio for its first underground coal gasification project. It said it also hopes to hold discussions with possible syngas users, and have planned the exploration drilling to confirm the viability of the site.
Shares in the company were down 4.7% at 3.58 pence per share Wednesday morning.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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