Business
Preliminary Results
Preliminary Results.
About this update from Deltic Energy Plc
[{"type":"text","content":"\n \nRNS Number : 0189X Cluff Natural Resources plc 25 April 2019 \n\nCluff Natural Resources Plc / Index: AIM / Epic: CLNR / Sector: Natural Resources\n25 April 2019\n \nCluff Natural Resources Plc ('CLNR' or 'the Company')\nPreliminary Results\n \nCluff Natural Resources Plc, the AIM-quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern and Central North Sea, is pleased to announce its audited preliminary results for the year ended 31 December 2018 ('FY 2018'). \n \nHighlights\n \n• Farm-out of Licence P2252 (which contains the Pensacola Prospect) to Shell UK. Farm-out agreed in February 2019, which includes shooting of new seismic and a contingent well commitment \n• Option granted to Shell UK to farm into Licence P2437 (which contains the Selene Prospect), agreed in February 2019. Cash consideration is US$600,000 which includes an initial payment already received, and a balance on completion\n• Awarded six additional licences by the UK Oil and Gas Authority with effect from October 2018 covering 10 full and part blocks in the Central and Southern North Sea, in the UK's 30th Offshore Licencing Round\n• Company now has diverse portfolio of seven licences which includes oil as well as gas prospects\n• Estimated resource on Dewar oil prospect on Licence P2352 significantly enhanced - now estimated by the Company to contain up to 270 million barrels of oil in place with P50 Prospective Resources of 39.5 million barrels. Farm-out process planned to commence towards end of H1 2019\n• £2.75 million (gross) raised by way of equity in 2018\n• Cash position of £1.43 million as at 31 December 2018 (2017: £1.02 million)\n• Loss for the year £1.66 million (2017: £1.59 million)\n• Cash used in operations for the year £1.52 million (2017: £1.43 million)\n \nChairman's Statement\n \nIn my last Chairman's statement, I made some commitments and predictions. These included the Company obtaining a significant number of additional licences in the 30th Round of North Sea awards and securing a farm-out of our 28th Round licences. As we reflect on 2018, not only were we awarded six additional licences in the 30th...