Corporate Update

RNS Number : 6627I

Clontarf Energy PLC

03 April 2020

 

3^rd 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	[phone]
Nominated & Financial Adviser Strand Hanson Limited Rory Murphy Ritchie Balmer Georgia Langoulant	[phone]
Broker Novum Securities Limited Colin Rowbury	[phone]
Public Relations Blytheweigh Megan Ray Madeleine Gordon-Foxwell	[phone] [phone] [phone]
Teneo Luke Hogg Alan Tyrrell	[phone] [phone]

 

END

 

 

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