Cluff Natural Resources, the AIM quoted natural resources investing company, has entered into a further memorandum of understanding (MOU) with Halliburton, one of the world’s largest providers of products and services to the energy industry, for a further two years.
The duo entered the MOU to collaborate on the development of Cluff’s Southern North Sea gas assets as well as its Underground Coal Gasification (UCG) assets.
According to the company’s statement, Cluff anticipates that working with Halliburton will continue to facilitate the development of its five Southern North Sea gas licences which are located in close proximity to the Breagh Gas Field and to facilitate the development of CLNR’s portfolio of nine UCG licences which provide exposure to five different coal basins in the UK.
The areas of joint collaboration will include the acceleration of the development of knowledge and capabilities of Cluff Natural Resources in relation to its assets, technical consultation and the provision of technical and consultancy services and projects by Halliburton.
Cluff said that in due course the parties intend to enter into a separate written agreement(s) in relation to the services to be provided by Halliburton. The MOU will remain in place until February 5, 2018, unless terminated in advance by either party providing 30 days’ written notice.
Algy Cluff, Chief Executive & Chairman commented: “We are delighted to be announcing the extension of our MOU with Halliburton for our UK gas and UCG assets and are excited about the prospect of continuing to develop our strategic relationship.
“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 of our assets. The extension for a further two years reflects the strength of the relationship that has been built in the last year and the commitment to develop this strategic relationship further.”