28th May 2019 10:15
LONDON (Alliance News) - Clontarf Energy PLC on Tuesday reported a significantly narrowed annual loss, on a decrease on exploration impairments, as the company offered "hope" to its shareholders.
Shares in Clontarf Energy were down 15% Tuesday at 0.19 pence each.
The Ghana and Bolivia oil and gas explorer narrowed its pretax loss to GBP350,553 in 2018 from GBP2.8 million in 2017, as its impairment of exploration & evaluation assets significantly decreased, falling to GBP111,682 from GBP2.6 million.
Clontarf's administrative expenses increased 5.5% in the year to GBP238,871 from GBP226,410 the year before.
The company did not generate revenue in either period.
Chair John Teeling said the bear market in junior energy exploration continued in 2018.
"Many of us have experienced previous price volatility but this extended depression is causing even the most optimistic investors to consider their position. Many have given up and sold out further depressing prices as there are few, if any, new buyers. But Clontarf is an AIM quoted company with thousands of shareholders, interesting investment opportunities, an experienced board and some good financial supporters. We will continue until the sector recovers," Teeling said.
The company continues to progress its project in Ghana and Bolivia but is facing resistance from "geological, political factors or technical factors". Clontarf said "progress is slow" with its Ghana exploration licence - which was agreed ten years ago - but it "remains hopeful" of an agreement.
In Bolivia, Clontarf's project was nationalised in 2006 "without compensation" but "there is a small glimmer of hope that certain former hydrocarbon assets may be recoverable in some form".
Teeling said the "opportunity in Ghana oil remains" and "persistence might pay off" in Bolivia.
He added: "We share the concerns and frustration of shareholders who have waited for years for positive news. There has been a number of false dawns. All I can offer my fellow shareholders is hope, hope that at long last some genuine opportunities will be open to our company."
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