Placing, Admission to Aim and First Day Of Dealing

RNS Number : 3740E

Clontarf Energy PLC

06 April 2011

 

6^th April 2011                                                            

Clontarf Energy Plc

v Placing, Admission to Aim and First Day Of Dealings

v Fundraising of £2.7 Million

v Peruvian licence blocks signing after Easter

v El Dorado gas project growing

Clontarf Energy plc ("Clontarf" or "the Company") (TIDM: CLON), the international oil and gas explorer, developer and producer, is pleased to announce its re-admission to the AIM market of the London Stock Exchange ("Admission") and the first day of dealings in its ordinary shares.

Clontarf has also completed the acquisition of Hydrocarbon Exploration plc, with both sets of shareholders voting strongly in favour.

The Company has raised £2.7 million through a placing of  41,688,171 new ordinary shares (the "Placing") and a subscription for 3,775,500 new ordinary shares (the "Subscription") together representing 22.9% of the enlarged share capital of the Company at Admission. The market capitalisation of the Company at the Placing price of £0.06 per Ordinary Share is £11.9 million.

While awaiting the conclusion of the acquisition the operations of both companies continued. On the Ghana Tano 2A onshore/offshore exploration licence, Clontarf staff have reprocessed all existing geological, seismic and drill log data and have identified 8 possible targets and leads. We await state ratification of the agreement on the license.

In Peru the official signing ceremony for the award of the two onshore oil exploration blocks is expected to take place after Easter. Preliminary reprocessing of existing data is underway.

In Bolivia, the El Dorado gas project continues to grow in importance. Production from existing wells is growing. New wells are planned for late 2011. Significantly, the project has been awarded the rights to obtain the Bolivian export price of $5.50 per 1 million British Thermal Units (BTU). Clontarf is paying $600K to copper fasten a 10% interest in this project.  The operator and 90% holder is Chaco-YPFB, the Bolivian State oil company.

Following Admission the total number of voting rights in Clontarf will be 198,784,469. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Clontarf under the FSA's Disclosure and Transparency Rules.

Shore Capital is acting as Nominated Adviser to the Company. Shore Capital and Optiva Securities are acting as Joint Brokers to the Company. A copy of the Admission Document is available on the Company's website http://clontarfenergy.com.

David Horgan, Managing Director, commented:

"Clontarf Energy is off to a running start. We will sign our two Peruvian exploration licences after Easter.  Our Ghana Tano 2A Block is moving through the ratification process.  Existing seismic and geological data on the Block has been reviewed, reprocessed and is being re-interpreted.  To date 8 leads and prospects have been identified. Exploration success continues on nearby licensed Blocks.  Ghana is emerging as a major oil producer. 

Our El Dorado gas and condensate discovery in Bolivia continues to surprise on the upside: production is rising, reserves have grown and we have just been awarded the export gas price of $5.5 per million BTU.  $600K of the funds raised will be invested immediately with our partner Chaco-YPFB to confirm our 10% stake in the discovery. 

We have the team and the projects."

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

Clontarf Energy 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 Jason Robertson	[phone] [phone]
College Hill Nick Elwes	[phone]

 

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