www.clontarfenergy.com
Clontarf Energy plc is an emerging oil & gas Exploration & Production company focused on Africa and South America
Clontarf Energy operates high potential exploration properties:
* 60% of Ghana Tano 2A block - a 1,532km2 Block close to 4 recent Tullow Oil plc / Kosmos discoveries
* Awarded two exploration blocks in Peru in October 2010 bid round - in key producing Maranon / Ucayali basins Potential lithium concessions in Bolivia in cooperation with state (Memorandum of Uderstanding) Ongoing discussions for additional oil and gas exploration opportunities in other prospective South and Central American countries
New Clontarf Energy advances on first day's trading on AIM
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)."
