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Big? We are Talking Telephone Numbers!

Published in Oil Industry News on Tuesday, 29 May 2018

Graphic for News Item: Big? We are Talking Telephone Numbers!

Algy Cluff is celebrating. His oil and gas firm, Cluff Natural Resources, hit the jackpot in the North Sea last week when it won exploration licences for an area the size of Bedfordshire.

Cluff claims the new acreage will triple the potential value of the firm – in which he holds an 8 per cent stake – as well as defying sceptics who believe the North Sea is a dwindling asset. Initial estimates suggest Cluff Natural Resources, currently valued at £14 million, could be sitting on up to £3 billion of oil and gas.

When the news was announced last Wednesday, Cluff was at lunch with a judge to talk about one of the charities he supports, but couldn’t resist toasting the North Sea’s ‘second coming’.

After all, the 78-year-old commodities veteran made a fortune from the first North Sea boom. Back in 1975, his oil firm CCP North Sea Associates struck black gold at the Buchan oil field, turning his investors into millionaires overnight.

Cluff won’t put a precise number on the value of the potential oil and gas resources in his firm’s ten new exploration blocks. But when it comes to ‘North Sea Mark II’, where his Aim-listed firm will drill alongside energy giants BP, Shell and Chevron, Cluff says profits could read like ‘telephone numbers’.

‘It reflects the fact we have worked very hard to advance the North Sea and its reputation, and argue the case for the independents as well as the majors,’ he says.

Source: www.thisismoney.co.uk

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