Proactiveinvestors United Kingdom Clontarf Energy

Clontarf Energy closes Friday trading session with 35 per cent rise

Fri, 11 May 2012 18:01:00 +0100

Clontarf Energy (LON:CLON) closed the Friday trading session in London with a 35 per cent rise to 4.38 pence.

The stock began its rise late afternoon, but details on any reason for this were not immediately available.

Clontarf was formed by a merger of Hydrocarbon Exploration, an unlisted company with projects in Bolivia, Ghana and the US, and Persian Gold, with a project in Ghana and dormant mineral projects in Iran.

The new venture raised £2.7 million when it listed in April last year.

In Ghana, it has an agreement with the Ghanaian National Petroleum Company (GNPC) on the 1,532 sq km Tano 2A onshore/offshore block.

Clontarf holds 60 percent of the concession with Petrel Resources (LON:PET) holding 30 percent and Ghanaian interests 10 percent.

It inherited a company which has been active in Bolivia for over 20 years. The acquisition brought interests in two producing fields.

It holds a 30 percent interest in the Monteagudo oil and gas field which has been producing for 40 years and is in decline. Operator Repsol holds 30 percent, Petrobras 20 percent and state-owned Andina 20 percent.

In September last year, Clontarf signed exploration and development contracts on two blocks in Peru.

David Horgan, MD of Clontarf Energy, talks about Peru being the preserve of the very largest oil companies

Tue, 08 May 2012 09:52:00 +0100

Harry Norman: Harry Norman from Proactive Investors talks to David Horgan, Managing Director of Clontarf Energy listed on the open market oil and gas producer sector. Stock ticker CLON, share price 3.38p, market capitalisation £6.8 million. www.clontarfenergy.com.

Harry Norman: Please tell us about Clontarf Energy, the company’s focus and development strategy.

David Horgan: Yes. Clontarf Energy is an exploration and production junior in oil and gas and our objective is to greatly increase the market capital of the company through successful exploration. And as part of that strategy we deliberately seek out more challenging areas where there is some political, or logistical risk, but where there’s very good geology.

Harry Norman: You have a history of creating value in Peru, do you still believe that Peru’s time has come, as an oil and gas exploration and production country?

David Horgan: Not many people realise that Peru has been an oil producer for over 100 years, and most of the oil produced has been found in the coast-line, which is much easier to access than any of the deeper jungle areas.

However, it seems that the really great potential in Peru, as in much of the world, is actually in the remote areas. Very often God puts resources where they’re not easy to get at, and this part of the country has opened up recently due to a number of factors.

One, logistical access has simply improved by the evolution of barge systems, that can bring drill rigs and other facilities - even refineries - up the major Amazon tributaries.

Two, the improved political conditions. Which mean that there are no significant political issues now working in the interior of the Peru, in contrast to previous decades.

Three, and most importantly, the very good fiscal terms that are available now in Peru. Basically about half of what you find in terms of value goes to the state, and half goes to the investor. And that’s very good for a country of this prospectivity, comparable to Columbia, or Ghana. And far better than countries that people might be familiar with like Nigeria, or Venezuela, or Russia, or the Middle East.

So for all those reasons and particularly helped by the high oil price in recent years, Peru’s time has come. We think it’s only a matter of time before there are several major new discoveries in Peru.

Harry Norman: Clontarf Energy was awarded block 188 in Peru a year ago, what can you tell us about block 188, the work you have done on it, and your strategy for developing it?

David Horgan: We were delighted to get 188. 188 is right beside the Camisea giant gas field. It had extensive work done on it mainly by Total, Oxy and Petrobras over the decades, dating back to excellent analogue seismic by Total during the 1970s, which has been reprocessed to great effect.

So there was a lot of data and a lot of positivity about the block. And we applied for it really as a long shot – expecting to lose to Petrobras - and we were delighted one, to qualify and two, to be awarded the block on quite attractive terms.

And sure enough as we’ve got the data and worked on it - it’s been fully reprocessed now - a lot of the regional data as well as the data on our block itself. And as we’ve worked through that data, and re-interpreted the results, we’ve been surprised again and again by the prolific nature of the leads and prospects that we’ve worked up.

And one of the most satisfactory results of this work is that we confirmed that there had actually been a discovery by Phillips Petroleum in 1998, in the Panguana prospect in the southern part of 188, not far from the Camisea field. And that discovery identified an estimated 31,000,000 recoverable barrels of oil from the more shallow green sandstone horizon.

The people that worked on the discovery well believed that there was also oil in the deeper (Copacabana) horizons which were not tested. And the reason why it was not tested and developed more extensively is purely for corporate reasons. Shell has failed to agree development terms on the nearby Camisea field, so the industry suddenly went negative. Phillips, Shell and others had decided to exit Peru, they regarded as well really as a commitment well, so they didn’t implement managements recommendation to drill further wells. In retrospect it seems mad to have walked away from camisea and the nearby areas.

And with the passage of time the discovery was forgotten about, and now with the much higher oil price, better fiscal terms, completely changed environment, the time is right to re-enter that play and develop that discovery.

Harry Norman: Block 183 in the Maranon basin in Peru was also awarded to Clontarf Energy a year ago. Please would you tell us about block 183?

David Horgan: Yes 183 is very interesting. It’s different to 188 in that it’s part of the main Maranon basin, which is a seven billion barrel basin. It extends all the way from Peru, north through Ecuador and Columbia, all the way up to Venezuela. So it’s quite a well understood basin with various plays of shallow and greater depth.

And this basin has produced oil since the 1940s so it’s reasonably well understood. There is considerable infrastructure close by, quite a lot seismic is available about circa 17,000km of reasonably good 2D seismic on our block, nearly all of which has been reprocessed and migrated, and has now been reinterpreted.

And arising out of this work we’ve found a number of leads and prospects, with five in particular that we’re very encouraged about, including some four way closures in one particular anticline. The fact it would have been drilled had it been in a more developed part of the world like the United States. So we think 183 will be also very interesting to prospective partners.

Harry Norman: Oil and gas was discovered in Ghana’s off shore Tano basin only in 2005, what can you tell us about the discoveries in the Tano basin?

David Horgan: Ghana is a very hot part of the world because of the tremendous success of Tullow Oil and its partners. At least two billion barrels have been discovered in a number of wells, principally the Jubilee field, and Ghana, like Peru, is a country which has still very good fiscal terms. It’s one of the most exciting exploration areas in the world with a very high hit rate, nearly 70% success rate by Tullow in recent years.

We have the block which is onshore and offshore in the Tano basin. It has the same play as the Tullow discoveries in that it’s Cretaceous play, a slightly different trapping mechanism but a similar source rock and reservoir sands. All of the oil discovered has migrated from further out to sea, but there are onshore seepages, so there is a working petroleum system.

And there hasn’t ever been an onshore well in the block. The only well ever drilled by Fusion oil was 500 metre commitment well some years ago that didn’t go near even the most shallow prospect of reservoir sand. So this is a part of West Africa that has been neglected and deserves early drilling.

The terms that we’ve agreed with the State are quite demanding in that it’s a aggressive work programme. We have to drill a well within the first three years after ratification, but we feel that that is well sustained by the tremendous interest in the area, and the recent discoveries. And we’re pushing now with the Ghanaian authorities to complete the ratification process through Parliament so that we can move on with the next phase of our work.

Harry Norman: Please tell us about the work Clontarf Energy has done in the Tano basin and your plans for moving forward there?

David Horgan: There isn’t a huge amount of seismic or oil wells in the area, but we were able to acquire all of the historic seismic from four different vintages and 676 kilometres of that 2D seismic could be usefully reprocessed which we’ve done in-house with our dedicated contractor.

And right now that work and the extensive tying together migration work that we’ve done, we’ve identified about 10 leads and prospects, which is quite a large number of leads and prospects on a block of 1,500 square kilometres. This shows that Ghana, like Peru, is a target rich environment and there should be very good industry interest in any work programme.

Harry Norman: What can you tell Investors about operating in Bolivia, and developments with your El Dorado and Monteagudo interests in Bolivia?

David Horgan: Bolivia is going through a mini boom now, in that its gas markets are paying very high prices, and are demanding higher supplies, and the country has been falling below its required ‘take or pay’ export quantities. Problems in Argentina actually help Bolivian gas exports.

So we feel that there’s a new sense of realism in the elected Government about the need to work with industry players, so as to discover additional gas and to bring it into production so that the state and the other plays can all profit thereby.

We’re pushing very hard both to complete our deal with our partners on El Dorado field where we have a 10% interest, but also to buy out our operating partner in the Monteagudo field. At the moment we have 30%, we’re going to go up to 50% and for that we’ve brought in an investment partner from Argentina, which is a major investment group that is a service business in Bolivia.

Now that deal has been agreed with our operating partner, but it requires Government approval, and it’s working its way through the regulatory agencies as we speak.

Harry Norman: Please would you talk us through the company’s capital structure and financial situation going forward?

David Horgan: There are 200,000,000 shares in issue, and we have as a group generated a lot of cash in recent years, in that we sold three companies.

Our previous oil and gas company we sold for $32,000,000 cash which was distributed to shareholders. Also we sold two other companies, a whiskey business for $95,000,000 and a diamond discovery for about $100,000,000.

So as a group we’ve generated about $230,000,000 of cash to our shareholders in the last three years, so we’ve had considerable interest from our shareholding group in funding any additional needs that would be generated by good exploration projects. So we don’t anticipate any difficulty, either through partners, or through our own shareholders in funding the exciting exploration programmes that we have in front of us.

Harry Norman: What can Investors expect from Clontarf Energy over the next 12-18 months David?

David Horgan: Right now we’re pushing very vigorously, both on the ratification in Ghana and that of course is the democratic process of the regulator agencies and parliament. But we’ve provided all the data that they’ve asked for, and we’ve updated them diligently as time has gone on.

Of course people have become more and more anxious to ensure that there is early and vigorous exploration, as Ghana has become a very prolific producer in the oil industry.

In Peru we’re pushing very hard now with the development of the leads and prospects that we’ve been able to work up on our two blocks in Peru, which are very large blocks. And we feel that the more fruitful way of proceeding, would probably at this stage be to bring in industry partners that could deploy large amounts of capital for focused seismic campaigns and early drilling.

Clontarf Energy has very good geology & fiscal terms

Wed, 25 Apr 2012 08:52:00 +0100

David Horgan, MD of Clontarf Energy, talks about very good geology & very good fiscal terms in Peru, a confirmed discovery on Block 188 - estimated 31 million barrels of oil recoverable, Block 183 producing oil since the 1940s, very good fiscal terms in Ghana, & two billion barrels discovered (April 12).

Clontarf Energy set for success despite challenging environment

Fri, 30 Sep 2011 10:35:00 +0100

Clontarf Energy PLC (LON:CLON) reported its first interim results since listing on AIM in April this year, only a day after announcing a milestone deal in Peru, having finally signed exploration and development contracts on two blocks there.

Clontarf was formed by a merger of Hydrocarbon Exploration, an unlisted company with projects in Bolivia, Ghana and the US, and Persian Gold, with a project in Ghana and dormant mineral projects in Iran. The new venture raised £2.7 million upon listing.

The pretax loss came to £693,000, mainly consisting of administrative expenses and costs for the listing and acquisitions.

“This is a challenging time for exploration ventures and financial markets generally. We successfully raised money and listed Clontarf Energy during a period when equity financing was difficult to obtain. Clontarf is funded for all immediate needs,” the group said.

Notwithstanding the current market turmoil and general lack of confidence, Clontarf believes its recent achievements have put it in a good position from where to grow the business.

It considers the signing of the Peruvian onshore exploration blocks to be a significant milestone and the first of what it hopes will be a series of positive announcements.

The licences were awarded in the October 2010 tender round, approved by official decree in July 2011 and signed this week by the president of the state oil company, Perupetro.

Neither block is a stab in the dark: Block 188 consists of 595,809 hectares of prospective ground close to the world-class Camisea producing field which is estimated to contain 16 trillion cubic feet of gas and 400 million barrels of condensate. There’s plenty of seismic data available three main producing reservoirs exist in the wider area and an undeveloped oil discovery at neighbouring La Colpa.

Block 183 consists of 396,826 hectares in the Marañon Basin, which has produced since the 1940s. It is located beside existing production, two oil fields and one gas field, and thus within easy reach of existing gas and oil/condensate transport infrastructure.

Peru is a priority area for oil multinationals due to its attractive fiscal terms, a stable government and a relatively unexplored hydrocarbon system.

Progress is also being achieved in Ghana which is fast becoming a major oil province. Since signing an agreement with the Ghanaian National Petroleum Company (GNPC) in 2010 on the 1,532 sq km Tano 2A onshore/offshore block, the attractiveness of Ghana has increased.

Clontarf holds 60 percent of the concession with Petrel Resources (LON:PET) holding 30 percent and Ghanaian interests 10 percent.

It noted that the giant Jubilee oil field owned by Kosmos and Tullow Oil (LON:TLW), not far from Tano, is now producing, and Tullow recently announced a significant oil discovery on their Tano offshore block which is close to Tano 2A. Ongoing work by Clontarf on data relating to the Tano 2A block has identified a number of areas which need follow-up.

The group’s third sphere of activity is in Bolivia, a country with significant mineral and hydrocarbon potential.

Clontarf inherited a company which has been active in Bolivia for over 20 years. The acquisition brought interests in two producing fields.

It holds a 30 percent interest in the Monteagudo oil and gas field which has been producing for 40 years and is in decline. Operator Repsol holds 30 percent, Petrobras 20 percent and state-owned Andina 20 percent.

Agreement has been reached and formalised with Repsol, and Petrobras, for both to sell their stakes. Operatorship will be transferred to Clontarf’s new partner, Latinoamericana de Energia, which will result in significantly lower operating costs for Monteagudo.

This restructuring will also facilitate early drilling of a deep gas play there which has been identified. Approvals by the Bolivian government and parliamen are expected by the end of the first quarter 2012.

Clontarf also holds a 10 percent interest in the producing El Dorado gas field near Santa Cruz in Bolivia. There is a legal dispute with state-owned operating partner YPFB Chaco which Clontarf believes it can resolve. The field is currently producing 21 million cubic feet of gas and 500 barrels of condensate daily.

RNS press release - Half Yearly Report

Fri, 30 Sep 2011 07:00:00 +0100

Clontarf Energy finalises exploration contracts on 2 blocks in Peru; shares soar

Thu, 29 Sep 2011 10:33:00 +0100

Clontarf Energy PLC (LON:CLON) shares soared on news it has signed exploration and development contracts on two blocks in Peru.

The licences which were awarded in the October 2010 tender round, were approved by official decree in July 2011 and were signed this week by the president of the state oil company, Perupetro.

The shares shot up nearly 15 percent in reaction to the news, trading at 3.88 pence at 10.20 am.

Block 188 consists of 595,809 hectares of prospective ground close to the world-class Camisea producing field which is estimated to contain 16 trillion cubic feet of gas and 400 million barrels of condensate.

The directors believe the block has Camisea-type potential and is also prospective for medium-size shallower fields.

There are 13,400 kilometres worth of 2D seismic data and 50 wells' log data available for the region, and there is good but old seismic coverage on the block as well as data on three wells drilled very close to the block.

Furthermore, three main producing reservoirs exist in the wider area and an undeveloped oil discovery at neighbouring La Colpa.

Block 183 consists of 396,826 hectares in the Marañon Basin, which has produced since the 1940s. The block is located beside existing production, two oil fields and one gas field, and the directors believe that any future discovery on this block could connect to the existing gas and oil/condensate transport infrastructure.

Extensive historic seismic data is available: 1,700 kilometres of 2D, which has been recently re-processed and is of good quality.

Clontarf has already identified leads and prospects from reprocessing seismic, and the company plans to to complete first phase geology and geophysics work by the end of 2012.

Peruvian fiscal terms are attractive, with a combination of royalty and taxes. Work programmes are reasonable and bonding requirements acceptable at US$135,000 per block.

The government take is proportional to overall field profitability: the total effective state take is approximately 50 percent of revenue.

Managing director David Horgan said: "Peru is an excellent country for hydrocarbons. It has produced oil for a century but much of the interior remains unexplored. There is now a developed oil & gas infrastructure close to both blocks. Both areas are peaceful. Peru's economy is growing quickly and there have been open and fair elections. Perupetro, the state oil company, is a highly professional partner and a pleasure to work with.

“Our technical team is already off to a running start. We have acquired historic regional data and have begun working up drillable prospects,'' he added.

RNS press release - Exploration licence on Peruvian blocks finalised

Thu, 29 Sep 2011 08:32:00 +0100

RNS press release - Result of AGM

Wed, 27 Jul 2011 12:09:00 +0100

Clontarf Energy could be transformed by any one project, says Optiva Securities

Thu, 07 Jul 2011 09:45:00 +0100

Small-cap specialist broker Optiva Securities put a ‘strong buy’ recommendation on Clontarf this morning. Analyst Jason Robertson believes any one of the group’s projects has the capacity to utterly transform the company if they meet with a modicum of drilling success.

Clontarf Energy - analysts upbeat about company's prospects

Wed, 29 Jun 2011 11:45:00 +0100

Broker Shore Capital took a positive stance on Clontarf Energy's 2010 (LON:CLON) results statement today, saying the firm had sufficient funds to pay for its current work programme and had given a 'useful' update about activities across its portfolio.

Clontarf told investors it had the funds, skills and contacts to deliver today as it posted the figures for the year to 31 December 2010.

The firm - focused in Ghana, Peru and Bolivia - relisted on AIM earlier this year following a reverse takeover of Persian Gold by Hydrocarbon Exploration - an unlisted company.

Analyst Craig Howie, of Shore Capital, said: "Today’s results are the first material piece of news-flow from the company since its re-admission to AIM via a reverse takeover in April 2011, when Clontarf raised £2.7mln in a placing accompanying the deal.

"The numbers themselves are of little relevance, to our minds, as they pre-date the reverse takeover, and therefore do not cover the activities of the enlarged group."

Chairman John Teeling said today the firm's reorganisation had made it evaluate its projects - one result of this will be the likely disposal of projects in Iran and the Gulf of Mexico.

The firm reported a pre-tax loss of £2.2 million compared to a loss of £316,000 in 2009. The loss per share was 2.96 pence as opposed to 0.42 pence loss per share in 2009.

Net cash generated from financing activities stood at £20,425.

Running through the highlights, Clontarf said that, in Ghana, it awaited parliamentary approval on the 60 percent -owned 1,532 sq km Tano 2A oil exploration concession.

Late in 2010, it was awarded two prospective onshore blocks in Peru - the official signing of the licences expected later next month (July), it said.

Two wells are scheduled to be drilled in the second half of this year on El Dorado - a producing gas field in eastern Bolivia.

Meanwhile, negotiations are continuing to increase the firm's 30 percent stake in the Monteagudo gas field in central Bolivia to 50 percent and to gain operatorship.

Operating in Iran, where the firm has inherited mineral prospects, has become difficult. In the Gulf of Mexico, difficulties have also been encountered and the loss of value was sudden and unexpected, said the firm.

A subsidiary of Clontarf - Endeavour Oil and Gas - holds royalties on block 52 in the Gulf and a working 62 percent interest in block 30. Royalties are totally dependent on the price of natural gas.

Howie said : "In our opinion, the Tano 2A block on and offshore Ghana looks particularly exciting, given successive discoveries by Kosmos and Tullow in a country which is growing in importance as a major oil producer.

"Clontarf is awaiting formal ratification of the Tano 2A block although, in the meantime, the company has reprocessed and analysed over 760 line kilometres of 2D seismic data, revealing prospective areas, particularly in the offshore portion."

In onshore Peru, the firm was looking forward to the formal award of two blocks close to existing discoveries and infrastructure - with reinterpretation of seismic and well data underway, he said.

"A farmout or joint venture deal looks likely in Peru in due course.

The analyst added: "The commentary in today’s results is very much in line with our expectations, and we think that final ratification/award of Clontarf’s blocks in Ghana and Peru would be viewed by the market very positively.

"In the meantime, we believe that Clontarf has already made good progress with data interpretation work in both locations. The management team’s past success with the disposal in 2010 of Pan Andean Resources to Petrominerales provides added encouragement, to our minds."

Jason Robertson, of broker Optiva Securities, was also upbeat about Clontarf Energy.

"We believe the stock offers tremendous value for an oil and gas company given its range of assets/projects and market cap of only £9 million," he said.

Clontarf says it has the means to deliver as reveals 2010 results

Wed, 29 Jun 2011 08:10:00 +0100

Clontarf Energy (LON:CLON) says it has the funds, skills and contacts to deliver as it posted its results for the year to 31 December 2010 today.

The firm - focused in Ghana, Peru and Bolivia - relisted on AIM earlier this year following a reverse takeover of Persian Gold by Hydrocarbon Exploration - an unlisted company.

Chairman John Teeling said the reorganisation had made the firm evaluate its projects - one result of this will be the likely disposal of projects in Iran and the Gulf of Mexico.

The accounts released today for the period are for Persian Gold, not the enlarged group, it clarified.

The firm reported a pre-tax loss of £2.2 million compared to a loss of £316,000 in 2009. The loss per share was 2.96 pence as opposed to 0.42 pence loss per share in 2009.

Net cash generated from financing activities stood at £20,425.

Running through the highlights, Clontarf said, in Ghana, it awaited parliamentary approval on the 60 percent -owned Tano 2A oil exploration concession.

Late in 2010, it was awarded two prospective onshore blocks in Peru - the official signing of the licences es expected later next month (July), it said.

Two wells are scheduled to be drilled in the second half of this year on El Dorado - a producing gas field in eastern Bolivia.

Meanwhile, negotiations are continuing to increase the firm's 30 percent stake in the Monteagudo gas field in central Bolivia to 50 percent and to gain operatorship.

Operating in Iran, where the firm has inherited mineral prospects, has become difficult. In the Gulf of Mexico, difficulties have also been encountered and the loss of value was sudden and unexpected, said the firm.

A subsidiary of Clontarf - Endeavour Oil and Gas - holds royalties on block 52 in the Gulf and a working 62 percent interest in block 30. Royalties are totally dependent on the price of natural gas.

Looking ahead, the firm said: "We have a top class team which has delivered value to shareholders. We have excellent early stage exploration projects in Peru and, when ratified, in Ghana and we have stakes in producing fields in Bolivia. We have the funds for our immediate needs."

RNS press release - Final Results

Wed, 29 Jun 2011 07:00:00 +0100

David Horgan, MD of Clontarf Energy, talks about Peru being the preserve of the very largest oil companies

Wed, 27 Apr 2011 11:31:00 +0100

David Horgan, MD of Clontarf Energy (LON:CLON), talks about Peru being the preserve of the very largest oil companies, acquiring two blocks with seismic in place, receiving a Bolivian export price that’s twice the American gas price, a gigantic gas target, and licences that abut Tullow’s discovery in Ghana.

RNS press release - Issue of Equity

Wed, 20 Apr 2011 17:54:00 +0100

New Clontarf Energy advances on first day's trading on AIM

Wed, 06 Apr 2011 09:06:00 +0100

Clontarf Energy (LON:CLON) has now re-joined the AIM market, where the shares are up over 20 percent in early deals.

The newly formed company comprises the remnants of two previously listed companies that many investors will recognise - Persian Gold and some of Pan Andean Resources's exploration assets.

The management team, led by chairman John Teeling, has been working on the merger, an associated fundraising and the new listed for some time. The new company has now joined the AIM market.

"Clontarf Energy is off to a running start,” said managing director David Horgan.

It has now raised £2.7 million by issuing around 45 million new shares, representing 22.9 percent of the company. The placing values the whole company at around £11.9 million. Also the group has now completed the acquisition of Hydrocarbon Exploration, an unlisted group which was de-merged from Pan Andean when it was sold in early 2010.

Consequently Clontarf now has exploration assets in South America, and a potentially significant joint venture in Ghana with Petrel Resources (LON:PET).

"We will sign our two Peruvian exploration licences after Easter,” Horgan said.

“Our Ghana Tano 2A Block is moving through the ratification process. Existing seismic and geological data on the Block has been reviewed, reprocessed and is being re-interpreted. To date 8 leads and prospects have been identified.

"Exploration success continues on nearby licensed Blocks. Ghana is emerging as a major oil producer."

He added: “Our El Dorado gas and condensate discovery in Bolivia continues to surprise on the upside: production is rising, reserves have grown and we have just been awarded the export gas price of $5.5 per million BTU (British Thermal Unit)."

RNS press release - Placing, Admission to Aim and First Day Of Dealing

Wed, 06 Apr 2011 07:00:00 +0100

RNS press release - Change of Name

Wed, 23 Mar 2011 12:11:00 +0000

Persian Gold EGM approves HyEx acquisition and name change to Clontarf Energy

Tue, 15 Mar 2011 14:37:00 +0000

Persian Gold PLC (LON:PNG) said shareholders at its extraordinary general meeting have approved the planned reverse takeover of Hydrocarbon Exploration (HyEx) and the subsequent name change to Clontarf Energy PLC. The ticker symbol will change to CLON.

The move to acquire unlisted HyEx was announced in June 2010 to allow Persian to acquire a further 30 percent stake in its existing oil and gas project in Ghana, as well as projects in Bolivia and elsewhere in South America and interests in North American oil producing assets.

A day after announcing the plan to diversify its operations into oil an gas projects in West Africa and South America, Persian told investors that it declared force majeure on its two joint ventures with local Iranian partners. It had found itself unable to obtain the necessary permits in Iran due to an extremely slow administrative process.

Persian said today the new entity is expected to start trading on April 6 2011.

Managing director David Horgan said: “In Peru, we expect within weeks to complete the formal signing ceremony to acquire two good quality onshore exploration blocks. In Ghana we await cabinet and parliament approval on our 60 percent held Tano 2 onshore / offshore block. Delay is difficult to explain to shareholders, but as Ghana grows into a major oil producer, pressure grows on how to divide up the oil riches so politicians are slow to make decisions.

In Bolivia, the company will invest US$600,000 into the El Dorado gas project where it holds a 10 percent interest with Chaco / YPFB, the state oil company, holding the rest. This investment buys Clontarf back into a producing field. The funding for Clontarf's share of two new step out wells is being funded from revenues currently being generated. It expects net cash to be generated from 2012.

“The producing Monteagudo gas field in Central Bolivia is 30 percent owned by Clontarf Energy with Repsol (50 percent) and Petrobras (20 percent) holding the balance. We are attempting to reach agreement with our partners to acquire 100 percent of the field. If we can we will seriously consider drilling the huge anomaly at depth on the block,” Horgan said.

RNS press release - Result of EGM

Tue, 15 Mar 2011 12:23:00 +0000

RNS press release - Issue of Equity

Fri, 25 Feb 2011 07:00:00 +0000