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News: Halliburton inks UK coal gasification tie-up with Cluff Natural Resources

  1. Cluff Natural Resources (LON:CLNR) shares advanced 12% after it revealed a possible tie up with Halliburton, one of the world’s largest energy services companies.

    Halliburton and CLNR will collaborate on the development of underground coal gasification (UCG) projects in the United Kingdom, under a memorandum of understanding between the companies.

    The initial agreement will remain in place for one year, and in the meantime it is intended that a separate joint collaboration deal will be formulated.

    CLNR’s main focus has been on the Kincardine project, estimated to contain the equivalent of f 1.4 trillion cubic feet of natural gas-in-place, which is located in the Firth of Forth, Scotland, and is set to be the UK’s first deep offshore UCG project.

    The AIM quoted firm currently has a total of eight UCG projects across England, Scotland and Wales. It also has licences for gas projects in the Southern North Sea.

    Executive chairman Algy Cluff, CLNR chief executive and chairman, says he is excited about the prospect of developing a strategic relationship with Haliburton.

    “Halliburton is one of the world's largest providers of products and services to the energy industry and its expertise and capabilities offer our company the opportunity to accelerate the development and commercialisation of our UCG assets as well as our Southern North Sea gas assets,” he said in a statement.

    “This relationship demonstrates our strategy of developing our business and seeking to create value through partnership."

    Haliburton will, according to the MOU, help CLNR accelerate the development of its knowledge and capabilities.

    On AIM, Cluff Natural Resources share were up 0.5p or 12.12% to 4.62p.

     

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