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Clontarf Energy PLC - Corporate Update

RNS Number : 6627I
Clontarf Energy PLC
03 April 2020
 

 

 

3rd April 2020

 

Clontarf Energy plc

("Clontarf" or "the Company")

 

Corporate Update

 

The board of Clontarf Energy plc notes the recent rise in the price of the Company's ordinary shares and can confirm that it is not aware of any material reason for the significant increase. High level discussions that the Company had scheduled for March to take place in Ghana, Europe and Bolivia in relation to its projects have been postponed due to the COVID-19 pandemic.

 

In terms of providing shareholders with an update on the Company's projects in Ghana and Bolivia, the Company notes the following:

 

Ghana:

We are ready to initiate the Tano 2A work programme, as soon as the signed Petroleum Agreement is ratified, and subject to securing the necessary funding.

 

Despite lower oil prices, in the Board's view, the Tano (and Cretaceous oil play generally in West Africa) remains an industry favourite.

 

Recent high-level official meetings have been productive. The Company understands that new shareholders in Clontarf Energy's 30% partner in the Tano 2A Block, have helped the Tano 2A Operating Company (Pan Andean Resources (Ghana) Ltd.) to overcome any financial capacity concerns following a lower oil price and market capitalisation.

 

Clontarf also notes the passing of insolvency legislation that may assist in the recovery of all of our original Tano 2A coordinates.  There now appears to be a legal structure enabling the authorities to recover 529km2 of the original acreage Tano 2A acreage over which Clontarf signed, with partners, a Petroleum Agreement, and which is now awaiting ratification.

 

Bolivia:

Clontarf submitted a proposal on medium-sized salt-lakes (including at least one with good Lithium grade & low Magnesium impurity) shortly before the end-2019 Bolivian General Election.

 

Following the resignation of the outgoing Bolivian government, we have been in discussions with the heads of the National Lithium Company, and the interim Minister's staff.

 

In summary, Clontarf continues to progress its interests in Ghana and Bolivia, maintaining cordial communications with the relevant authorities in both countries, and continues to operate efficiently on minimal expenditure. 

Shareholders are referred to the Company's website and the Company's Interim Statement for the period ended 30 June 2019, which was released on 20 September 2019, for further information on the Company.

 

 

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

 

Ends

 

 

For further information please visit http://clontarfenergy.com or contact:

 

Clontarf Energy

John Teeling, Chairman

David Horgan, Director

+353 (0) 1 833 2833

 

 

Nominated & Financial Adviser

Strand Hanson Limited

Rory Murphy

Ritchie Balmer

Georgia Langoulant

+44 (0) 20 7409 3494

 

 

Broker

Novum Securities Limited

Colin Rowbury

        +44 (0) 207 399 9400

 

 

Public Relations

Blytheweigh

Megan Ray

Madeleine Gordon-Foxwell

 

+44 (0) 207 138 3206

+44 (0) 207 138 3204

+44 (0) 207 138 3208

 

 

Teneo

Luke Hogg

Alan Tyrrell

+353 (0) 1 661 4055

+353 (0) 1 661 4055

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Clontarf Energy

Price: 0.475

Market: AIM
Market Cap: £3.41 m
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