North Sea pioneer Algy Cluff is making a return to the oil province in pursuit of “significant opportunities” after a 30-year gap.
Mr Cluff was involved in the discovery of the Buchan field nearly 40 years ago while chief executive of CCP North Sea Associates.
He exited the exploration of UK waters in 1982, but has now founded Cluff Natural Resources (CNR).
Mr Cluff has been involved in the global oil and gas and mining industries since 1971.
His latest venture will focus on investing in global oil and gas and mining assets and was admitted to trading on the Alternative Investment Market yesterday with a market capitalisation of £4.35million.
Mr Cluff, the chairman and chief executive, said: “We have taken the decision to launch CNR, as we believe there are significant opportunities to generate substantial value for shareholders through investing in and acquiring prospective oil and gas and mining assets globally.
“The board of CNR has a wealth of experience and a proven track record in identifying, operating and developing natural-resource assets. We have already identified . . . natural-resource opportunities both in Europe and Africa.
“The recent incentives introduced in the North Sea makes the region an attractive proposition, while continued new discoveries both in oil and gas and mining in Africa makes the continent an investment destination which cannot be ignored.
“Being a London-listed vehicle should help us to secure and develop assets on attractive terms for our investors. Our overall objective is to build a significant global resource-focused company.”
Mr Cluff, who lived in the Huntly area for 20 years until the mid-1990s, said yesterday CNR was looking for cash flow and would probably be targeting unlisted companies working in the North Sea.
He added: “We are looking at a couple of UK assets in the $30million-$100million (£19million-£63million) range.”
Mr Cluff, who described himself as a serial entrepreneur, has no desire to retire despite now being 72. “I’m a very restless animal. I like being busy and I had a great time in the North Sea previously.”
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