26 Jun 2018 09:56
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
26 June 2018
Cluff Natural Resources Plc / Index: AIM / Epic: CLNR / Sector: Natural Resources
Cluff Natural Resources Plc ('CLNR' or 'the Company')
Statement re: Press Comment
Cluff Natural Resources Plc, the AIM quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern North Sea gas basin, notes the recent media speculation and advises that in response to investor demand and following the Company's recent success in the UK's 30th Offshore Licencing Round culminating in the provisional award of 10 oil and gas blocks in the Central and Southern North Sea, it is currently considering the merits of raising additional funding by way of a new equity issue, primarily to accelerate the development of the Company's enlarged portfolio of assets.
Neither the amount to be raised nor the issue price have been finally determined whilst discussions with investors are ongoing.
There can be no certainty that this fundraising will be concluded nor as to the timing or terms of such, but a further announcement will be made as required as soon as possible.
**ENDS**
For further information please contact the following:
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Notes to Editors
Cluff Natural Resources is a natural resources investing company listed on the AIM market on the London Stock Exchange (CLNR.L) primarily focussed on the Southern North Sea gas basin, with a high impact portfolio of operated, high working interest exploration and appraisal assets.
In addition to the 30th Round licences awarded today, the Company have 100% of Licenses P2248 and P2252 in the North Sea gas basin with a significant P50 prospective resource base of 2.4 TCF across 11 prospects with chances of success ranging from 9 to 49%. Cluff Natural Resources is focused on extracting much needed gas from the North Sea to supply the UK's energy mix which is currently heavily reliant on foreign supply. The Company is focussed on securing partners and funding to embark on a drilling campaign on the proven fairways of the Southern North Sea basin in 2019.
The Company has a strong institutional investor base and a portfolio which offers a unique opportunity of high quality, low risk and low-cost drilling prospects with potentially high impact results in an area where recent exploration has targeted both mature and new plays and has resulted in large discoveries.