LONDON (Alliance News) - Cluff Natural Resources PLC said Thursday its loss for 2018 widened slightly and that it was awarded several new licences in the UK North Sea during the period.
For the year, the oil and gas company reported a pretax loss of GBP1.7 million, narrowed from GBP1.6 million as administrative expenses decreased. The company recorded no revenue for the year, as it had no producing assets.
The company has a cash balance of GBP1.4 million at the end of December, up from GBP1.0 million the year before.
With effect from October 2018, Cluff was awarded six new licences by the UK Oil & Gas Authority in the 30th round of UK offshore licencing.
Of these assets, in February Cluff agreed on the farm-out of licence P2252 to Shell UK, which includes the shooting of new seismic data and a contingent well commitment.
An option was also granted to Shell UK to farm into licence P2437, which has until the end of April to be exercising.
Looking ahead, Cluff expects the acquisition of seismic data to be completed in the summer of 2019, in order to support an investment decision for the drilling of up to two wells.
Shares in Cluff Natural Resources were up 4.5% at 2.43 pence on Thursday.
