Clontarf Energy PLC - Dublin-headquartered oil & gas exploration and production company focused on South America and Africa - Acquires a 10% interest in the Sasanof exploration prospect, offshore Australia, through its 10% interest in Western Gas Pty Ltd which wholly-owns the prospect. Acquisition comprised of a USD4.0 million cash consideration and 100 million shares of GBP0.25 each. The shares were valued at GBP480,000 as of May 6. In the event of a discovery declared at the Sasanof-1 well, this consideration will be increased by 150 million shares.
Company plans to drill the main target horizon on this prospect during May to June.
Current stock price: 0.41 pence, down 14% in London
12-month change: up 17%
By Heather Rydings; heatherrydings@alliancenews.com
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Clontarf (CLON)