LONDON (Alliance News) - Clontarf Energy PLC Friday said its pretax loss widened as it develops assets towards production.
The oil and gas exploration and development company with operations in Africa and South America said its pretax loss widened to GBP611,000 in the six months to the end of June, from GBP246,000 a year earlier. The company is yet to post any revenues.
The vast majority of the losses were made on administrative expenses which more than doubled to GBP598,000 from GBP246,000 as the company developed its assets towards production.
In Ghana, the company is awaiting parliamentary ratification of an agreement between the company and the Ghana National Petroleum Corporation and in Bolivia the company is negotiating the disposal of its Petrolex site to a Latin American group in return for royalty revenues.
Clontarf also said that an ongoing legal case regarding its Endeavour site in the US has reached a settlement and Clontarf has had to pay legal fees for Hunt Oil, who were carrying out the litigation against them.
Clontarf shares were up 4.18% to 1.75 pence Friday
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Clontarf (CLON)