25 May 2012

Latest Teeling vehicle takes AIM 

06/04/2011 Robert Tyerman

Clontarf Energy (CLON) has joined AIM after a £2.7 million placing at 6p, with interests in Ghana, Peru and Bolivia.

Chaired by veteran Irish resource sector wheeler-dealer John Teeling, the company is the product of a reverse takeover by another Teeling AIM play, Persian Gold, of Hydrocarbon Exploration, which in turn held some of the assets formerly owned by yet another Teeling company, Pan Andean Resources, before Canadian group Petrominerales took over Pan Andean last year.

Nominated adviser and broker Shore Capital raised the money for Clontarf, whose managing director is long-standing Teeling lieutenant David Horgan. The company, which awaits ratification of its Ghana Tano 2 onshore/offshore exploration licence, says it expects to sign two licences in Peru after Easter and reports growing production from existing wells and plans for new wells at the El Dorado gas project in Bolivia, where Clontarf has paid £600,000 to secure a 10 per cent stake.

Clontarf shares now stand at 5.25p, valuing the company at £4.2 million. They are speculative and could appeal to traders.    

   

Tags: AIM market, Gas, John Teeling, Pan Andean, Persian Gold

Sector: Oil & Gas Producers

Companies: Clontarf Energy

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