this is a bonus6 Jun 2017 13:00
LONDON (Alliance News) - Ghana-focused oil and gas explorer Clontarf Energy PLC said Thursday it booked a narrowed pretax loss for 2016, as it tries to progress its existing projects and applies for new licences.
Clontarf booked a pretax loss of GBP199,628 for 2016, narrowed from GBP204,537 in 2015. The company generates no revenue and the loss derived solely from administrative expenses.
The company said its focus remains on its 60% interest in the Tano 2A onshore/offshore hydrocarbon licence in Ghana, where during the year it accepted a revised boundary for the licence from local authorities and discussions have taken place over a revised work programme.
Clontarf also noted that recent elections have returned to power in Ghana the party which initially negotiated its 2008 and 2010 agreements over the licence, which were subsequently disputed. Clontarf said it is working to resolve outstanding issues.
In Peru, Clontarf said its 3% revenue royalty on onshore Block 183 " is looking more interesting", as work by the operator Union Oil & Gas Group has identified two large structures on the site. Clontarf said environmental permits for the project need to be re-issued, following which a seismic campaign will identify drill sites for drilling in either 2018 "or more likely 2019".
The company also said a new opportunity has arisen to acquire offshore licences in Equatorial Guinea, although the licencing terms are "tough".
Clontarf said it has applied for Block EG-23 and EG-21 in the country, with the former being in shallow water and previously having had a few wells. EG-21 meanwhile has had " a number of unsuccessful wells", but Clontarf said it believes modern analysis will reveal new targets.
"Clontarf will continue to engage with the authorities in Ghana. We are in a strong legal position. We are pleased to note progress is being made in Peru. But we need to reinvigorate the company. We continue to examine proposals for new projects, new directions and new personnel. We are well financed for our current activities," said Chairman John Teeling.