Shares in Cluff Natural Resources (CNR) slumped dramatically last night as it confirmed it raised £1.8million in a discounted share issue to fund its North Sea plans next year.
Cluff Natural Resource
Cluff Natural Resources (CLNR) had joined forces with Simwell Resources and Burgate E&P to pursue a "significant new gas field" in the Southern North Sea.
A North Sea oil and gas pioneer has slated the Scottish Government over its banning of an energy production method he planned to trial offshore. Algy Cluff said he has had more trouble with Holyrood than any administration he has dealt with during his long career. The entrepreneur has headed up a mining company with operations in Zimbabwe, which at the time was led by current president Robert Mugabe, viewed by many as a brutal dictator.
Oil tycoon Algy Cluff warned Scottish ministers the day after a moratorium on fracking was confirmed that Scotland could risk losing £250million of investment. The multi-millionaire warned energy minister Fergus Ewing and Alex Neil that including his plans for underground coal gasification (UCG) in the moratorium would have an impact on Cluff Natural Resources (CNR) ability to “operate and invest” further in Scotland. CNR has ploughed ahead with plans to develop Britain’s first offshore UCG project in recent times, despite opposition from environmentalists, who feel the methods used are unsafe and require further testing.