Algy Cluff’s retirement lasts three hours as he launches new Africa-based oil venture with City investor Michael Spencer
When North Sea oil pioneer Algy Cluff said he was standing down from his firm at the age of 79, one might have thought he was seeking a quiet life tending to his vineyard in Kent.
But his retirement only lasted three hours – as he launched a new Africa-based oil venture with City investor Michael Spencer.
New challegne: Algy Cluff (pictured with his wife Blondel) has his sights set on Africa
Cluff told the Mail: ‘I’d actually resigned earlier that day but I was having a drink with Michael Spencer and from that evolved this new concept.’
The pair registered Cluff Energy Africa soon after. Spencer owns 40 per cent through his investment firm IPGL while Cluff has the remaining 60 per cent of shares.
The entrepreneur, who resigned from Cluff Natural Resources in April, made his name in the boom of the 1970s. Spencer, 64, is a former Tory party treasurer and founded Nex Group. Cluff Energy Africa will seek licences to explore for and produce oil and gas mostly in west Africa.
It is the sixth self-titled resources firm Cluff has launched. His plan originally was to spend more time writing books and on his charity interests.