Results of General Meeting

RNS Number : 1885K

Cluff Natural Resources plc

14 April 2015

 

Cluff Natural Resources Plc / Index: AIM / Epic: CLNR / Sector: Natural Resources

14 April 2015

Cluff Natural Resources Plc ('CLNR' or 'the Company')

Results of General Meeting

Cluff Natural Resources Plc, the AIM quoted UK natural resources investing company, is pleased to announce that the resolutions proposed at the General Meeting of the Company held today were duly passed.

Application has been made for 27,254,664 Placing Shares and 16,967,668 First Subscription Shares, which will rank pari passu with the existing Ordinary Shares in the Company, to be admitted to trading on AIM. Admission in respect of the Placing Shares and the First Subscription Shares is expected to occur at 8.00 a.m. on 15 April 2015, following which the total number of voting rights in the Company will be 199,222,332 Ordinary Shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Application has been made and Admission in respect of the 7,791,188 Second Subscription Shares is expected to occur at 8.00 a.m on 11 September 2015. 

Definitions used in the circular to shareholders dated 17 March 2015 shall have the same meanings when used in this announcement, unless the context otherwise requires.

**ENDS**

For further information please contact the following:

Cluff Natural Resources Plc                                 

Algy Cluff/ Graham Swindells/Andrew Nunn                             Tel: [phone]

Panmure Gordon (UK) Limited                                                        Tel: [phone]

Dominic Morley / Adam James (Corporate Finance)

Tom Salvesen (Corporate Broking)

Allenby Capital Limited                                                                    Tel: [phone]

Chris Crawford / Katrina Perez (Corporate Broking)

St Brides Partners Ltd                                                                       Tel: [phone]

Felicity Winkles / Lottie Brocklehurst (Financial PR)

Charlotte Street Partners Ltd          

Chris Deerin                                                                                         Tel: [phone]

NOTES FOR EDITORS

CLNR

Underground Coal Gasification ("UCG") Assets

·   CLNR currently holds nine UK licences for deep UCG, covering a total area of 690km².

·   UCG is a proven industrial process which allows coal to be converted into gas in-situ.

·   UCG provides the opportunity to unlock an indigenous energy resource which is currently stranded due to its location and due to the entrenched decline of UK's mining industry.

·   The establishment of a new UCG industry in the UK will create new employment opportunities and tax revenues, with skills requirements similar to other industries currently in decline in the UK including coal mining, oil & gas and the petrochemical industries.

·   In addition, UCG will increase UK security of energy supply by utilising indigenous resources and providing a diversification of supply.

·   CLNR's initial focus is to progress its Kincardine project (the "Project") and will be seeking planning consent for this project.

·   The Project will comply with all relevant planning, permitting and environmental protection legislation. CLNR intends to work closely with the consent authorities and regulators in preparing its planning application for the Project.

Southern North Sea Gas Assets

In December 2014, DECC awarded CLNR five promote licences for conventional gas exploration covering a total of eleven blocks, in an emerging gas province of the Southern North Sea.

The blocks are located in an under-explored, emerging gas province of the Southern North Sea, with diverse, high-potential play fairways and trap types in the Carboniferous. Significant interest in the area has recently been rejuvenated by breakthroughs in broadband 3- D seismic surveying technology, which acquires high resolution images below the Permian overburden.

Notable developments in the wider area include the completion of a multi-client 3-D survey (covering CLNR block 42/1 and part of CLNR blocks 41/5 and 41/10), the Pegasus West Gas Discovery (operated by Centrica, which flowed approximately 90MMscf/day on test from Namurian reservoirs), first gas production from the Breagh Field (operated by RWE Dea, estimated to contain nearly 600bcf of recoverable gas reserves) in October 2013 and on-going development of the Cygnus Gas Field (operated by GDF Suez) where first gas production is due in 2015.

All of CLNR's blocks are located in relatively shallow water where new conventional gas discoveries can be developed quickly and regional infrastructure is evolving rapidly.

Halliburton Memorandum of Understanding

In February 2015, the Company entered into a 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, with a view to collaborating on the development of CLNR's UCG and Southern North Sea gas assets in the UK. This development marks a significant step for CLNR as it continues towards the commercialisation of its portfolio of deep UCG licences in the UK to unlock the vast energy potential of the country's un-mined offshore coal resources and in the development of its Southern North Sea gas licences. The MOU reflects CLNR's and Halliburton's desire to establish areas of possible joint collaboration in the development of the CLNR's UCG and Southern North Sea gas assets (the "Joint Collaboration"). Such areas of Joint Collaboration will include the acceleration of the development of knowledge and capabilities of CLNR in the development of its UCG and Southern North Sea gas assets, technical consultation and the provision of technical and consultancy services and projects by Halliburton. Specifically, this will include: a) developing and leveraging new and emerging methodologies, technologies and new business models in relation to the development of CLNR's UCG and Southern North Sea gas assets; b) collaboration in the development of CLNR's UCG and Southern North Sea gas assets; c) further improvement and enhancement of any current technologies; and d) enhancing business relationship between the parties.

Further information about CLNR, our investors and UCG technology can be found on our website www.cluffnaturalresources.com

 

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