Clontarf Energy interim loss narrows and touts importance of LNG

(Alliance News) - Clontarf Energy PLC on Monday reported a narrowed interim loss, after a large one-off cost a year ago wasn't repeated.

The lithium and oil gas exploration and production company focused on South American and Africa said pretax loss in the first half of 2023 was GBP288,000, narrowed sharply from GBP4.5 million a year prior. The first half of 2022 included a GBP4.1 million impairment of exploration and evaluation assets.

Clontarf does not yet generate revenue.

The company highlighted that brine samples provided by the Bolivian state lithium company are being tested, with all samples successfully going through US customs checks. This was after the company joined a joint venture with direct lithium extraction technology developers NEXT-ChemX.

Looking ahead, Clontarf is confident of securing adequate funding for its near to medium term ongoing activities.

Chair David Horgan said: "In oil and gas, the tightening hydrocarbons' supply-demand balance promises a long-overdue revival of exploration and the farm-out market. Shortages of piped gas and liquefied natural gas feedstock have strengthened long-term prices. The centrality of LNG to fuel any energy transition in Europe and Asia has now been broadly accepted - except for fringe elements - and even by previous sceptics."

Clontarf Energy shares were down 0.2% at 0.067 pence each on Monday afternoon in London.

By Tom Budszus, Alliance News reporter

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