19 Feb 2016 07:00
Cluff Natural Resources Plc / Index: AIM / Epic: CLNR / Sector: Natural Resources
19 February 2016
Cluff Natural Resources Plc ('CLNR' or 'the Company')
Two Year Extension of Memorandum of Understanding with Halliburton
Cluff Natural Resources Plc, the AIM quoted natural resources investing company, is pleased to announce that it has entered into a further memorandum of understanding ('MOU') with Halliburton Manufacturing and Services Limited ('Halliburton'), one of the world's largest providers of products and services to the energy industry, to collaborate on the development of CLNR's Southern North Sea gas assets as well as its Underground Coal Gasification ('UCG') assets, for a further two years. The Company anticipates that working with Halliburton will continue to facilitate the development of its five Southern North Sea gas licences which are located in close proximity to the Breagh Gas Field and to facilitate the development of CLNR's portfolio of nine UCG licences which provide exposure to five different coal basins in the UK.
The MOU continues to reflect CLNR's and Halliburton's desire to establish areas of possible joint collaboration in the development of the Company's Southern North Sea gas and UCG assets ('the Joint Collaboration'). Such areas of Joint Collaboration will include the acceleration of the development of knowledge and capabilities of CLNR in relation to its assets, technical consultation and the provision of technical and consultancy services and projects by Halliburton.
In due course the parties intend to enter into a separate written agreement(s) in relation to the services to be provided by Halliburton. The MOU will remain in place until 5 February 2018, unless terminated in advance by either party providing 30 days' written notice.
Algy Cluff, Chief Executive & Chairman commented: "We are delighted to be announcing the extension of our MOU with Halliburton for our UK gas and UCG assets and are excited about the prospect of continuing to develop our strategic relationship. Halliburton is one of the world's largest providers of products and services to the energy industry and its expertise and capabilities offer our company the opportunity to accelerate the development of our assets. The extension for a further two years reflects the strength of the relationship that has been built in the last year and the commitment to develop this strategic relationship further."
**ENDS**
For further information please visit www.cluffnaturalresources.com or contact the following:
Cluff Natural Resources Plc | Tel: +44 (0) 20 7887 2630 |
Algy Cluff/ Graham Swindells/Andrew Nunn | |
Panmure Gordon (UK) Limited | Tel: +44 (0) 20 7886 2500 |
Dominic Morley / Adam James (Corporate Finance) | |
Tom Salvesen (Corporate Broking) | |
Allenby Capital Limited | Tel: +44 (0) 20 3328 5656 |
Chris Crawford / Katrina Perez (Corporate Broking) | |
St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Lottie Brocklehurst/ Frank Buhagiar (Financial PR) |
NOTES FOR EDITORS
Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With more than 65,000 employees, representing 140 nationalities in over 80 countries, the company serves the upstream oil and gas industry throughout the lifecycle of the reservoir - from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field.