Cluff Natural Resources awarded two UCG licences in the UK

Cluff Natural Resources gained Monday on news the investment company was awarded two underground coal gasification (UCG) licences in the UK.

Cluff Natural Resources gained Monday on news the investment company was awarded two underground coal gasification (UCG) licences in the UK.

Shares jumped 20.69% to 4.38p after the AIM listed company announced it was given the green light from the Department of Energy and Climate Change for the licences as part of a strategy to build a portfolio in the natural resources sector.

Cluff will receive 100% of the Loughor Estuary Project Carmarthenshire, Wales, and the Dee Estuary Project on the borders of Merseyside and Northern Wales, covering a total of 111 hectares in the UK.

The company will apply for planning and environmental permits to advance the two projects to production.

Algy Cluff, Chairman and Chief Executive of Cluff Natural Resources, said: "I am delighted to be able to announce the award of these licences which represent a low cost entry into underground coal gasification which is becoming a burgeoning industry.

"It is well known that coal seams extend into the offshore waters around the UK and with proven technology now available to utilise this energy source, we intend to embark on the process by extracting gas from these coal seams."

They are the first in a series of natural resource projects the company seeks to acquire, he added. Cluff will continue to evaluate a number of oil, gas and mining investment opportunities.

RD

Recommended

Aviva: a share for income investors to tuck away
Share tips

Aviva: a share for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
18 May 2022
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves looks at the FTSE 100’s top yielding stocks for income investors to consider.
18 May 2022
Three fast-growing, undervalued UK mid-cap stocks to buy now
Share tips

Three fast-growing, undervalued UK mid-cap stocks to buy now

Professional investor Katen Patel of the JPMorgan Mid Cap Investment Trust picks three fast-growing UK mid-cap stocks to buy now.
18 May 2022
Should you buy Vodafone shares, or steer clear?
Share tips

Should you buy Vodafone shares, or steer clear?

Vodafone grew revenue by 4% and profit by 11% last year, and offers investors a 6.4% dividend yield. So should you buy Vodafone shares? Rupert Hargrea…
17 May 2022

Most Popular

Get set for another debt binge as real interest rates fall
UK Economy

Get set for another debt binge as real interest rates fall

Despite the fuss about rising interest rates, they’re falling in real terms. That will blow up a wild bubble, says Matthew Lynn.
15 May 2022
Is the oil market heading for a supply glut?
Oil

Is the oil market heading for a supply glut?

Many people assume that the high oil price is here to stay – and could well go higher. But we’ve been here before, says Max King. History suggests tha…
16 May 2022
Value is starting to emerge in the markets
Investment strategy

Value is starting to emerge in the markets

If you are looking for long-term value in the markets, some is beginning to emerge, says Merryn Somerset Webb. Indeed, you may soon be able to buy tra…
16 May 2022