20th Sep 2019 11:56
(Alliance News) - Clontarf Energy PLC on Friday said its loss narrowed in the first half of 2019 after a non-repeating impairment the year before, and announced positive developments in Ghana and Bolivia.
Shares in Clontarf were up 52% at 0.47 pence in London in late morning trade.
In Ghana, where legacy issued surrounding the Tano 2A block have been ongoing for 10 years, the current government "has galvanised the licensing effort". The Ministry of Energy and the National Petroleum Commission are now reviewing Clontarf's dormant and pending petroleum agreements in Ghana.
Moreover, it has emerged that Erin Energy Inc may relinquish or have abrogated some of the acreage which was originally part of Tano 2A but was awarded to Erin in 2014. This is because Erin is currently in chapter 11 bankruptcy in the US. Clontarf believes that the latest development "would open a path" toward recovering all of the original Tano 2A acreage.
In Bolivia, meanwhile, Clontarf said it has re-established its presence and - if funding is obtained- will "complete an exploration and laboratory work programme" in the country for lithium.
The firm posted a GBP123,000 pretax loss for the six months ended June 30, far below its GBP237,000 loss the year before.
Administrative expenses remained essentially flat at GBP123,000 - the entire pretax loss in the first half as Contarf does not currently generate revenue - versus GBP125,000 the year before. The company also reported non-repeat of a GBP112,000 impairment of charge recorded in the first half of 2018.
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