(Alliance News) - Clontarf Energy PLC on Tuesday reported a narrowed full-year loss, driven by the absence of impairment costs.
In 2019, the oil and gas exploration firm reported a pretax loss of GBP308,535, narrowed from GBP350,553.
Clontarf again generated no revenue, and the loss was solely due to administrative expenses which were 30% higher.
There were however, no impairment expenses, which totalled GBP111,682 in 2018.
Clontarf holds an interest in a hydrocarbon asset in Ghana and lithium interests in Bolivia.
"We have recruited a Bolivian based director to progress our interests. We have examined and analysed a number of the salt pans to determine what best suits a company like Clontarf and, significantly, we have made proposals to the authorities to work with them within the existing legal parameters," the company said of its work in Bolivia.
And on Ghana, it added: "By now, after a decade of frustration, shareholders are well aware of the position. We have an agreement with the Ghanaian National Petroleum Committee over 1500 plus square kilometres in the shallow waters of the Tano Basin. In recent months there has been renewed motivation among the parties involved to seek a solution for Clontarf. World lockdowns have effectively stopped all international travel and meetings but once travel is possible these meetings will take place.
"In these turbulent times it may be very hard to look ahead with any real confidence. We will strive to progress our interests in both Bolivia and Ghana. Uncertainty throws up opportunities. We will see some of them. We have funds to continue operating for at least the next twelve months."
Shares in the company were 11% lower at 0.40 pence each in London on Tuesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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Clontarf (CLON)