Clontarf Energy PLC Corporate Update (6627I)
April 03 2020 - 2:00AM
UK Regulatory
TIDMCLON
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 529km(2) 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 +353 (0) 1 833 2833
Nominated & Financial Adviser
Strand Hanson Limited
Rory Murphy
Ritchie Balmer
Georgia Langoulant +44 (0) 20 7409 3494
Broker
Novum Securities Limited
Colin Rowbury +44 (0) 207 399 9400
Public Relations
Blytheweigh +44 (0) 207 138 3206
Megan Ray +44 (0) 207 138 3204
Madeleine Gordon-Foxwell +44 (0) 207 138 3208
Teneo
Luke Hogg +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
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END
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