25 May 2012

Persian Gold awaits Teeling reshuffle

17/09/2010 Robert Tyerman

After £143,000 annual losses, Persian Gold will soon transform itself into oil and gas play, Clontarf Energy.

Based in Clontarf Road, Dublin and steered by veteran Irish wheeler-dealer John Teeling, the company will do this, if shareholders approve, by merging with another Teeling-linked concern, unlisted Hydrocarbon Exploration, through a share exchange.

If the deal goes through, present shareholders in Persian Gold, now suspended at 6.75p, will have 54 per cent of the merged company, which will be renamed Clontarf Energy. Teeling hails 'a new era' for Persian investors, though the new entity will have a somewhat familiar feel, since Hydrocarbon Energy is itself the product of the takeover of another Teeling AIM company, Pan Andean Resources, by Petrominerales, an oil explorer and producer, based in Latin America and quoted in Toronto.

Clontarf will have Hydrocarbon Energy's oil and gas operations in the Gulf of Mexico and Bolivia, a potential share in a Ghanaian exploration block and early-stage lithium exploration interests in Bolivia. Teeling stresses the company will continue to pursue its Iranian gold prospects, Chah-e-Zard and Dalli.

Tags: AIM, Commodities, Mergers & acquisitions

Sector: Mining

Companies: Clontarf Energy

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