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LONDON (Alliance News) - Clontarf Energy PLC on Friday said its administrative expenses dipped slightly in 2015, causing its pretax loss to narrow, as it said it has "cut spending to the bone".
The oil and gas exploration company, which is focused on Ghana, said its pretax loss narrowed to GBP204,559 for the year ended December 31, from GBP274,196 in 2014, after administrative expenses fell to GBP204,559 from GBP244,303.
Clontarf said this was because it "cut spending to the bone" as "financing has been difficult if not impossible to secure". Clontarf is not yet revenue producing.
"Each project in each country has potential. We are trying to monetise this potential. AIM listed explorers in recent years have had a torrid experience. Clontarf is no exception having seen its share price decline by over 90% since listing in 2011," said Chairman John Teeling, noting, however, that there are " signs of a revival which we hope will create opportunities".
Clontarf said it has not been able to resolve outstanding issues at its Bolivian interests, which have been "effectively dormant in recent years, due to government policy towards international oil and gas investors, in effect, nationalisation".
Meanwhile its Ghana oil and gas projects have seen slow progress, Clontarf said.
"Though government changes and uncertain policy have delayed progress, and the political and legal processes lack transparency, there is a functioning bureaucracy and the rule of law exists though questions are being asked. We need resilience and patience," Clontarf's Teeling added.
"The fall in oil prices has decimated the junior resource sector, ourselves included, but has resulted in opportunities becoming available. To date we have not found any which excite us but we are monitoring a number of possibilities," Teeling said.
Shares in Clontarf were down 31% at 0.155 pence on Friday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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