Share Price Movement and Shareholder Update

RNS Number : 2418Y

Clontarf Energy PLC

05 September 2022

 

5th September, 2022

Clontarf Energy plc

("Clontarf" or "the Company")

Share Price Movement and Shareholder Update

The directors of Clontarf Energy plc (AIM:CLON) note the increase in the Clontarf share price on 2 September 2022 and can confirm that there is no new price sensitive information required to be disclosed. 

However the Board will take this opportunity to update shareholders on current activities further to the release of the Annual Report in June:

In Bolivia, Clontarf has been in discussions with international Direct Lithium Extraction processing experts, and has agreed in principle on a Joint Venture to test brines in medium-sized Bolivian salt-lakes. If the laboratory test-work is satisfactory, we will consider, subject to sourcing the necessary funding, building an on-site pilot plant to production test the Direct Lithium Extraction process.

This work will follow a planned augering campaign on the areas of the targeted salt-lakes of highest priority, and necessary approvals from the Bolivian authorities.

In Australia, Clontarf is studying, with its partners, the deeper plays on its 10% Working Interest in WG-519-P Block on the North Western Shelf in Australia. The high Asian gas prices, and likely LNG feedstock shortage have increased interest in both our existing acreage, and additional projects which have been proposed to Clontarf.

Finally, in Ghana the Board notes renewed conversations with the Ghanian authorities with a view to complete delayed ratifications of signed Petroleum Agreements, so as to expedite exploration programmes on prospective acreage in Tano Basin.

The resurgence of interest in African exploration and development may lead to additional proposals in the coming months.

Chairman, David Horgan, commented:

"Anticipated lithium salts demand will be impossible to serve without developing several Bolivian salt-lakes. We expect that the Bolivian Lithium Law will soon be updated to make clear the legal basis for Joint ventures with the authorities."

"In parallel, there has been recent progress on Direct Lithium Extraction processes that now make battery-grade lithium salts production feasible. We hope that Clontarf Energy will be part of this emerging industry."

"In oil and gas, tightening hydrocarbons supply-demand balance promises a revival of exploration and the farm-out market. Shortages of piped gas and LNG feedstock have driven prices to record levels. There has rarely been a better time to hold prospective acreage".

For further information please visit http://clontarfenergy.com or contact:

Clontarf Energy David Horgan, Chairman Jim Finn, Director	[phone]
Nominated & Financial Adviser Strand Hanson Limited Rory Murphy Ritchie Balmer	[phone]
Broker Novum Securities Limited Colin Rowbury	[phone]
Public Relations BlytheRay Megan Ray	[phone]
Teneo Luke Hogg Alan Tyrrell Ciara Wylie	[phone]

 

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