30th Sep 2014 09:15
LONDON (Alliance News) - Clontarf Energy PLC saw its shares drop in early trade on Tuesday after the company said the environment it is currently facing has not improved and said that while it believes its assets in Ghana, Peru and Bolivia have potential, they also have problems.
Clontarf shares were down 23% to 0.910 pence on Tuesday, making it one of the worst performers in the AIM All-Share index.
The company said its main focus for the year will be resolving its issues in Ghana. The company said the exact coordinates of the Tano 2A block in the country were agreed upon earlier this year, but the Ghanaian government has been slow to finalise the details of the licence.
Clontarf said it expects to resolve the issues around the licence in coming weeks.
The group said the operator of Block 183 in Peru is in the process of appointing a company to explore the block and said its interests in Bolivia are still carried at zero value in its books as the title of the assets has been unclear since the nationalisation of the assets in 2006.
By Sam Unsted; [email protected]; @SamUAtAlliance
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