Cluff founder Algy passes torch

(Sharecast News) - Natural resources investment outfit Cluff Natural Resources revealed on Friday that long-time chairman Algy Cluff intends to retire from the role following the company's next annual general meeting.The AIM-listed group will replace Cluff, who also stood down as chief executive in 2018, with Mark Lappin, a non-executive director of the company since 2016.With over 35 years' experience in the oil and gas industry, Cluff was confident that it was the "ideal time" to pass the torch to the former Centrica director and geologist for Phillips Petroleum.Cluff said: "Since stepping down as CEO last year, the company's executive management team, with significant input from Mark, have produced a tremendous platform for the next stage of activity and growth via the successful award of six additional licences in the UK's 30th Licencing Round and delivering a transformational farm-out with Shell on one, and possibly two of the company's licences."As a result of the farm-out with Shell, there is now a clear transition into a period of intensive oil and gas operations which will see, inter alia, the acquisition of 3D seismic in the summer of this year to support an investment decision for the drilling of at least one and potentially two wells."As of 1030 BST, Cluff shares had dipped 2.74% to 2.31p.