Cluff Says Report Shows Major Gas Potential For North Sea Licences

LONDON (Alliance News) - Cluff Natural Resources PLC on Wednesday said it has received the results of a competent person's report showing prospective resources in four of its licences in the southern part of the North Sea.

The natural resources investing company said the report confirms significant gas potential at the licences, including a best estimate on gas initially in place at the P2252 licence of 233 billion cubic feet, of which 132 billion cubic feet has been estimated as unrisked P50 prospective resources.

The P2261 licence showed 104 billion cubic feet of gas in initially in place, with 63 billion cubic feet estimated as unrisked.

"We are extremely pleased to present this independent assessment of the prospectivity of our portfolio of Southern North Sea licences," said Algy Cluff, the company's chairman and chief executive.

Cluff shares closed up 13% at 3.375 pence on Wednesday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2015 Alliance News Limited. All Rights Reserved.