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Market: AIM
Sector: Energy
EPIC: CLON
Latest Price: 3.50p  (0,00%)
52-week High: 6.63p
52-week Low: 3.00p
Market Cap: 7.01M
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Clontarf Energy
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

 

 

 

Full Clontarf Energy profile here
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Clontarf says it has the means to deliver as reveals 2010 results

29th Jun 2011, 8:10 am by Giles Gwinnett 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

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."

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