Oil and gas veteran Algy Cluff has bowed out at the age of 79 predicting a revival in the North Sea, particularly in the field of natural gas.
In his final statement as chairman, he passed the baton to Mark Lappin at Cluff Natural Resources , the AIM-quoted investing company with exploration and an appraisal portfolio in the Southern and Central North Sea.
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Cluff said: “There is no question that the North Sea is experiencing a revival of fortune, especially in the context of natural gas.
"There is the market, an infrastructure and a need which will conspire to keep the North Sea up the agenda of the UK oil & gas industry for another generation."
Cluff is a pioneer of North Sea oil exploration, having founded Cluff Oil in 1972. He was the proprietor of The Spectator for five years.
Cluff Natural Resources was awarded six additional licences by the UK Oil and Gas Authority with effect from October 2018 covering 10 full and part blocks in the Central and Southern North Sea.
The company now has seven oil and gas licences. The company incurred a loss £1,660,153, with a cash position was £1,425,986 at 31 December 2018. Tangible assets increased to £1,617,087 (2017: £775,351) is mainly due to further direct investment in the North Sea licences of £825,391.
Earlier this month, Cluff announced his intention to retire following this year's annual meeting and that Lappin, who has been a director since 2016, will succeed as chairman.
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“There is now a clear transition into a period of intensive oil and gas operations which will see the acquisition of 3D seismic in the summer of this year to support an investment decision for the drilling of at least one and potentially two wells.
"This is therefore the ideal time to pass the chair to Mark whose wealth of operational experience, particularly in the North Sea, is perfectly suited to guide the business through this next exciting phase of its development.’’
