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LONDON (Alliance News) - Peru and Ghana-focused oil and gas company Clontarf Energy PLC on Tuesday said its pretax loss narrowed in the first half as it made progress on its projects.
Clontarf said its pretax loss for the six months to June 30 was GBP86,000, cut from GBP159,000 a year earlier and in line with a fall in administrative expenses as the company does not generate any revenue.
In the half, the group struck a deal with Union Oil & Gas in Peru to take over the rights and obligations of the Block 183 prospect in the country. It also is in the process of securing approval in Ghana for drilling plans in the Tano Basin, in which it holds a 60% stake through the Pan Andean Resources Ltd joint venture.
Shares in Clontarf were up 1.3% to 0.38 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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