Business
Interim Management Statement
Interim Management Statement.
About this update from Clontarf Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8973S Clontarf Energy PLC 30 September 2014 \n \n\n \n \n30th September 2014\n\n\n\nClontarf Energy plc\n(\"Clontarf\" or \"the Company\")\n \nInterim Statement for the period ended 30 June 2014\n \nExploration stocks have few friends in bear markets. Investors avoid the sector, bad news is exacerbated in the market, while good news is ignored.\n \nSo it is with Clontarf. Listed in the midst of a severe bear market, the environment facing the company has not improved. The exploration assets of the company, located in Ghana, Peru and Bolivia, have potential but also problems. The share price collapsed making funding very dilutive and only possible by support from the directors, family and friends. All is not gloom. There are developments in two of our projects. There is also investment interest in Clontarf as an AIM listed vehicle.\n \nGhana\nClontarf holds a 60% interest (Petrel 30%, local interests 10%) in Pan Andean Limited, a vehicle which holds a licence over the Tano 2A block offshore Ghana. Agreement was reached in 2008 with the Ghana National Petroleum Corporation (GNPC) but cabinet and parliamentary ratification dragged on. In early 2014, the Ghanaian parliament awarded ground, which we ass...