Result of EGM

RNS Number : 9741C

Persian Gold PLC

15 March 2011

 

15 March 2011

Persian Gold plc ("Persian Gold" or the "Company")

Results of Meetings

Change of name to Clontarf Energy plc

Persian Gold is pleased to announce that all resolutions proposed at a General Meeting of the Company held earlier today in London were approved including a resolution to approve the acquisition by the Company of Hydrocarbon Exploration plc ("HyEx") and a resolution to approve the change of the Company's name to Clontarf Energy plc ("Clontarf Energy"). The Company's ticker will change to 'CLON' following the name change; the Company's ISIN and SEDOL will remain unchanged.

The approval of the resolutions at the Persian Gold General Meeting followed the approval by HyEx shareholders of (1) a resolution to approve the scheme of arrangement to effect the acquisition of HyEx by Persian Gold at a court meeting of HyEx shareholders (the "Scheme"), and (2) resolutions to implement the Scheme at a general meeting of HyEx shareholders.

It is expected that the Scheme will become effective (following High Court sanction) on 5 April 2010. Following this, admission to trading on AIM of the existing ordinary shares in Clontarf Energy (formerly Persian Gold) will be cancelled and re-admission and dealings in the existing ordinary shares and new ordinary shares in Clontarf Energy plc will commence on AIM with effect from 8 a.m. on 6 April 2011.

David Horgan, Managing Director, commented:

"I am delighted that shareholders in both Persian Gold (PNG) and Hydrocarbon Exploration (HyEx) have approved the acquisition of HyEx which leads to the creation of Clontarf Energy, an oil and gas explorer and producer with an exciting portfolio of projects in Peru, Ghana and Bolivia.  While the HyEx acquisition, which is subject to final court approval, will not complete until early April, PNG becomes Clontarf Energy (CLON) in a few days.

In Peru, we expect within weeks to complete the formal signing ceremony to acquire two good quality onshore exploration blocks.  We have successful experience in creating value with Peruvian oil assets.  In Ghana we await cabinet and parliament approval on our 60% held Tano 2 onshore / offshore block.  Delay is difficult to explain to shareholders, but as Ghana grows into a major oil producer, pressure grows on how to divide up the oil riches so politicians are slow to make decisions. 

Despite the political uncertainty in Bolivia, we like the potential on our two joint ventures.  In the coming weeks, we will invest $0.6 million into the El Dorado gas project where we hold a 10% interest with Chaco / YPFB, the state oil company, holding the rest.  This investment buys Clontarf back into a producing field.  The funding for Clontarf's share of two new step out wells is being funded from revenues currently being generated.  We expect net cash to be generated from 2012. 

The producing Monteagudo gas field in Central Bolivia is 30% owned by Clontarf Energy with Repsol (50%) and Petrobras (20%) holding the balance.  We are attempting to reach agreement with our partners to acquire 100% of the field.  If we can we will seriously consider drilling the huge anomaly at depth on the block. 

Our plans for Clontarf Energy are set out above.  It has been a long road to get to this point but we look forward to the future with interest."

Enquiries:

Persian Gold plc John Teeling, Chairman David Horgan, Managing Director James Finn, Finance Director	[phone]
Nominated Adviser and Joint Broker Shore Capital Pascal Keane Toby Gibbs	[phone]
Joint Broker Optiva Securities Limited Jeremy King	[phone]
College Hill Nick Elwes	[phone]

 

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