Cluff Natural Resources Cites 'Significant Progress' in UK Projects

Cluff Natural Resources Cites 'Significant Progress' in UK Projects

The FINANCIAL -- Investment company Cluff Natural Resources PLC (CLNR.LN) said Monday it has made significant progress in the development of its Southern North Sea gas and underground coal-gasification assets in the U.K.

Cluff is working with Halliburton Co. (HAL) on a structure to accelerate the drilling of one or more wells on its conventional gas licenses in the Southern North Sea, off the coast of the U.K, according to Nasdaq.

Cluff has five licenses covering 11 blocks in the emerging gas province.

Halliburton is providing technical and geological assistance in the development of Cluff's Southern North Sea assets and its Scottish Kincardine UCG project in the Firth of Forth.

Cluff has a UCG portfolio of nine licenses, which provide exposure to five different coal basins in Scotland, England and Wales. The company initially is focusing on developing its Kincardine Project.

As of 0759 GMT, Cluff's share price was unchanged at 3.25 pence, resulting in a market capitalization of 6.5 million pounds ($10.1 million).