raised £ots at 5p with about half as many Warrants (so effectively the placing was a little over 3p - DYOR), but it's been a steady climb to 5p as the Market waits for something to happen.
The company is relying on the founder of Cluff Gold [CLF] and his World-wide contacts to do deals, I'm guessing.

Sadly these are bad times for Listing - and AIM in general and Greece/Spain/Euro woes are no help, IMHO. Still wish them luck in all they survey, etc.
EDIT(27Jn2012): sp down a liitle 5p5 - = halfway between start and peak.
EDIT (29April2016)-April Fundraising covers disasterous 2015 ( eg shut-down of Scottish coal-gas projects ) . . . . and continued low Oil-price, leaving sp abt.1p5 - this must be an all-time low. The cash should see them thro 2016 with a little to spare (they say) for more N.Sea deals, etc.
EDIT(4Nov2016)-Placing at 2pp. damages sp. Will we see 1p5 again, soon?
EDIT (21Nov2017)-sp=1p7 after Oct2017 minor "Dilution"-25m shares Total now 400m. The Plan remains to start on N.Sea licenses =good, but I guess this stock has some way to go before folks think it's worth the 5p of years ago. Mentor likes this stock, FWIW.

Motoring just now after being lower earlier

Evening Standard - Anthony Hilton: The perils of ignoring North Sea oil are very real

Algy Cluff, one of the pioneers of the original oil discoveries in the North Sea a generation ago, received an OBE last weekend in the Queen’s Birthday honours list for his contributions to business, of course, but also to his substantial but unsung charity work.

Then, yesterday, he received a further present in the shape of a broker’s report singing the praises of his venture, AIM-listed Cluff Natural Resources, which is at present trading at around 2.5p having been as high as 5.8p and as low as 1.07p in the past 12 months.

Remarkably, however, the broker Allenby Capital reckons that the shares could be worth 12.5p, five times as much as they are now, albeit the caveats which surround any mining and exploration venture.

This column does not tip shares for the good reason that it normally gets it wrong but Cluff deserves a break.

At an age when most people would long since have retired from the scene he has had the energy and nerve to assemble a small bundle of properties in the southern North Sea, at a time when with the collapse in energy prices scared off most of the competition.

In late April the petroleum engineering company Xodus released a report which said that if gas stayed within the price range predicted for it in the next few years then the Cluff properties had the potential to make significant money. It has been established that there is certainly gas there, but the question is whether Cluff can persuade someone else to come and drill it for him, in return for a slice of the profits, because he does not have the money to do it himself.

Obviously landing this kind of deal is harder than it might be because of the squeeze on energy prices has reduced the appetite in the industry for drilling yet more holes, even when the prospects are good. But Allenby is excited because BP is drilling nearby at the moment in similar geology, and if they get good results then clearly that will kickstart interest in Cluff’s assets.

Nothing is ever certain but the brokers clearly think he has a good chance of finding a partner and, if he does, on the basis of what they think is down there, the shares could take off. And one has to say that if they do, it is no more than Cluff deserves.

Anthony Hilton: At long last, Algy is getting the returns he deserves

Signs on turn around after the large rise and retracement again

Up to 3.30p and down to 2.525p this morning, now 2.625p

CLNR - 2.425p + 0.225 +10.23%

On the way up with volume, also share price moving over the 50 day MA, very important if it holds

Is motoring today, after yesterday's smalleer rise

The chart is signalling the end of the downtrend at the end of July

Well after an Official "Extension" to two(?) N.Sea plots (Nov2018-DYOR), it looks like the Market's not impressed - there should be drilling long ago. sp 1.68 Seems AH is pleased with this, though as it strengthens their hand in negotiations.... well get on with it, or is the Drilling Co. working on even bigger gas fields, perhaps with oodles of cash....? We should be told, their cash-position each time, as this reduces risk, IMHO.