Cluff Natural Resources says it's considering equity raising

AIM-listed Cluff Natural Resources said on Tuesday that it is considering an equity raising, mostly to accelerate the development of its enlarged portfolio of assets.

The company, which has a high impact exploration and appraisal portfolio focused on the Southern North Sea gas basin, said it was considering the fundraising in response to investor demand and following its recent success in the UK's 30th offshore licencing round, which culminated in the provisional award of 10 oil and gas blocks in the Central and Southern North Sea..

"Neither the amount to be raised nor the issue price have been finally determined whilst discussions with investors are ongoing," it said.

In addition, Cluff said there can be no certainty that this fundraising will be concluded nor as to its timing or terms, but a further announcement will be made as required as soon as possible.

At 1255 BST, the shares were down 12% to 2.20p.