Clontarf Regulatory News (CLON)

21 June 2012

Clontarf Energy plc

("Clontarf" or "the Company")

Final Results for the Year Ended 31 December 2011

Clontarf Energy announces its results for the year ending 31 December 2011.

Operational Highlights

·; Peru Block 188

o Discovered details of 1999 drilling which encountered high quality oil which may contain up to 31 million barrels of oil

o Discussions ongoing with joint venture partners

·; Peru Block 183

o Reprocessing of data has identified five leads

·; Ghana

o Hopeful that negotiations with Ghanaian Government can be concluded in 2012

John Teeling, Chairman, said, "The work done by Clontarf, since listing over a year ago, will provide long term benefits to shareholders. At the time of listing, in April 2011, the principal assets of the company were in Boliva and Ghana but our focus is now on Peru."

For further information please visit http://clontarfenergy.com or contact:

Statement Accompanying the Final Results

In a turbulent world with a raging bear market in exploration companies it is hard to find optimistic trends. Yet I believe that the work done by Clontarf, since listing over a year ago, will provide long term benefits to shareholders. At the time of listing, in April 2011, the principal assets of the company were in Boliva and Ghana. We had been awarded two new licences onshore Peru but they had not been ratified. Now the focus is on Peru. Blocks 188 and 183, which are 100% Clontarf owned, were ratified in September 2011. An analysis of existing data revealed new and unexpected opportunities on Block 188.

The Business Environment

There are current threats on almost all fronts. The global economic situation needs little explanation. Uncertainty abounds, Europe is in recession and the US recovery is weak. Worries about growth rates in the BRIC economies are having a negative impact on oil and gas prices. Of possibly greater importance is the total loss of confidence by investors in AIM listed resource stocks. In the case of Clontarf this is exacerbated by Irish investors, suffering from the domestic economic collapse, being forced to sell. Overall there are few buyers but more sellers. There are technology threats. Shale gas is having a massive impact on the structure of the world gas industry. It is likely, as the technology to recover shale gas expands, that world gas prices will fall. Shale oil is at an earlier stage of development but could have an equally critical impact on prices. The political situation facing Clontarf is fraught. Resource nationalism is rising in many areas. We operate in Boliva where the state took ownership of all minerals in 2008 and we have legacy assets in Iran. Though the oil industry has boomed in Ghana as yet we see no evidence of rising nationalism.

Peru

In recent months we have undertaken a detailed review and reprocessed all available well log and seismic data of our blocks. We were delighted to discover, on Block 188, details of a 1999 well drilled by Phillips, which encountered high quality oil. The Panguana well hit 4 hydrocarbon horizons but only one was tested. Further research by Clontarf revealed that Phillips staff estimated that the structure encountered could, on a P50 estimate, contain up to 31 million barrels of oil. Why then was this not followed up? Oil prices were low. The area was extremely remote with no oil infrastructure within hundreds of kilometres and Peruvian oil terms were tough. Thirteen years later this situation is transformed. The giant Camisea gas/condensate complex is on stream about 100kms away from Panguana, oil prices are high and Peruvian oil licence terms are now attractive. Clontarf has put together a proposal to re-enter the well to test all horizons. Detailed discussions are on-going with potential partners who would fund the re-entry in return for a percentage interest. If the discussions are successful, there will be no cash cost to Clontarf. It is important to note that it is the Company's intention that the Panguana area will be carved out of the 600,000 hectare 188 block. This means that the rest of the block can be worked on independently. The review of the overall block has identified a number of leads. Here again the improved oil price, better terms and Camisea infrastructure reduce the risk while improving the basic economics. We are in early stage discussions with joint venture partners.

Our second block in Peru, Block 183, covers almost 400,000 hectares in the central part of the Marañon basin - an area of major hydrocarbon production. Clontarf has obtained and reprocessed extensive seismic data in addition to well log data on five drill holes on the block. A further 200kms of seismic remains to be reprocessed. Five important leads have been identified. A further 150km of historic seismic will be acquired and interrupted to better define these leads.

Ghana

Clontarf holds 60% in a subsidiary which has an interest in the Tano 2A onshore/offshore block in Ghana. Our partners are, Petrel Resources (30%) and a local Ghanaian company (10%). A Petroleum Agreement was signed by the Ghanaian National Petroleum Company (GNPC) with Clontarf in 2010. The agreement is subject to cabinet and parliamentary approval. This is taking an extended time and is frustrating to all concerned. Since we first looked at Tano in 2006 and then signed a preliminary agreement in 2008, the area has become one of the hottest oil provinces in the world. Directly offshore Tano, a number of bonanza oil discoveries have been made. The Jubilee field is now on stream with daily output already in excess of 100,000 barrels. While awaiting ratification Clontarf and partners acquired and reworked all available seismic, well and other technical data. We have identified a number of specific leads which we would look to refine with more seismic and/or drilling. We are working with the GNPC to refine the proposal which goes to cabinet and parliament. We remain hopeful that the process can be concluded in 2012.

Bolivia

We have operated in Bolivia for more than 20 years. Our wholly owned subsidiary, Petrolex, holds interests in two projects, the producing Monteagudo gas/oil field in central Bolivia and an interest in the El Dorado gas field in eastern Bolivia. The legal status of title is unclear in Bolivia. In 2008 the state claimed ownership of all minerals and hydrocarbons. Sensibly, they allowed existing operations to continue working. Payment was by means of production out of which was taken tax/royalty rate of 50% of revenue.

The Clontarf interest in Monteagudo is 30%, with the operator Repsol owning 30% and Petrobas 20% and Andina-YPFB 20%. Monteagudo is an old field producing gas and condensate since the 1960s. It is well located on a pipeline to Argentina. The attraction in Monteagudo is the deep target. The Huamampampa (Devonian) formation has a number of massive gas discoveries in the areas around Monteagudo. The probability of a large gas discovery is good. We have an agreement with the other partners to increase our stake to a majority. We will also look to become operator. Funding is proposed to be provided by our proposed new partners who will buy out the remaining interests. The agreement requires cabinet and parliamentary approval.

The Clontarf interest in El Dorado, 10%, is currently in dispute. El Dorado is estimated to contain up to 400 billion cubic feet of gas and 8 to 10 million barrels of condensate. It is in production at a rate of 20 million cubic feet of gas a day. Confusion over the Bolivian nationalisation decree led Clontarf to declare force majeure on further drilling. The then partner, BP, drilled and cash called Clontarf. An agreement was reached in 2010 whereby Clontarf would make a contribution to historic costs, pay for current costs and forego income until all historic costs were paid. Listing and consequent funding delays made it impossible for Clontarf to meet deadlines. Negotiations are ongoing to reinstate the 2010 agreement.

Clontarf was formed by merging Persian Gold, an Iranian gold explorer with Hydrocarbon Exploration, the remnants of Pan Andean which had been sold. Persian Gold held interests in two mineral licences in Iran. A payment of $350,000 has been received for cancelling an option to acquire a 70% interest in a Dalli copper licence. In the event of production commencing at the Chah-e-Zard silver gold deposit Clontarf will receive a revenue royalty.

Hydrocarbon held assets in the shallow waters of the Gulf of Mexico. There is a long drawn out dispute between the then owner Endeavour Oil and Gas, a subsidiary of Pan Andean Resources and Hunt Oil over expenses incurred by Hunt in removing closed oil wells on one block. A court decree for $4m was obtained by Hunt Oil against Endeavour Oil and Gas, the Texan subsidiary of Hydrocarbon Exploration. Endeavour's assets were transferred to Hunt Oil on foot of this decree. Hunt has initiated proceedings seeking to make Hydrocarbon liable for any deficit. We believe that there is no merit in the proceedings and are moving to have them dismissed.

Future

Investors have yet to realise the value potential in the Peruvian assets. We are confident of negotiating a joint venture on Panguana and a farm in on the remainder of Block 188. The leads identified on our second block, Block 183, will provide the basis of future joint venture negotiations. The type of deal we are seeking on Panguana will finance Clontarf for the coming year. We are in the midst of the worst bear market in AIM listed resource shares since the start of AIM in 1995. Good news is downplayed and bad news is magnified. When confidence returns markets will see significant uplifts. In the meantime directors must husband cash and develop projects. It is important that directors are not driven totally by short term trends in share prices. Our task is to create long term wealth for investors. Natural resource projects take time but real wealth can be created.

John Teeling

Chairman

21 June 2012

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CLONTARF ENERGY PLC (formerly PERSIAN GOLD PLC)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2011

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2011

Share premium

The share premium reserve comprises of a premium arising on the issue of shares.

Share based payment reserve

The share based payment reserve arises on the grant of share options and warrants under the share option plan.

Retained deficit

Retained deficit comprises of losses incurred in 2011 and prior years.

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2011

Notes:

1. ACCOUNTING POLICIES

There were no changes in accounting policies from those used to prepare the Group's Annual Report for financial year ended 31 December 2010. The financial statements have been prepared in accordance with International Financial Reporting Standards and IFRSs as adopted by the European Union and in accordance with the Companies Act 2006.

2. LOSS PER SHARE

Basic loss per share is computed by dividing the loss after taxation for the year available to ordinary shareholders by the weighted average number of ordinary shares in issue and ranking for dividend during the year. Diluted earnings per share is computed by dividing the loss after taxation for the year by the weighted average number of ordinary shares in issue, adjusted for the effect of all dilutive potential ordinary shares that were outstanding during the year.

The following table sets out the computation for basic and diluted earnings per share (EPS):

Basic and diluted loss per share is the same as the effect of the outstanding share options and warrants is anti-dilutive and is therefore excluded.

3. ACQUISITION OF SUBSIDIARY

On 6 April 2011, the company completed the acquisition of Hydrocarbon Exploration plc, including its subsidiaries Bolivian Hydrocarbon Limited, Pan Andean Oil and Gas Limited, Hydrocarbon Prospecting plc, Petrolex SA and Endeavour Oil & Gas Limited.

The cost of the acquisition was satisfied by the issue of 2,800 Clontarf Energy plc shares for every one Hydrocarbon Exploration share. A total of 67,513,600 consideration shares were issued by the company to Hydrocarbon shareholders giving a value for the transaction of £4,050,816 (Based on the company share price of 6p at the date of acquisition).

Analysis of assets and liabilities assumed at the date of acquisition:

The acquisition of Hydrocarbon Exploration was completed in April 2011 and the Group completed a provisional assignment of fair values to identifiable net assets acquired for the 2011 interim financial statements. As permitted under IFRS 3, Business Combinations, these provisional fair values were amended for the year ended 31 December 2011. The amendments related to the fair value of the assets acquired in respect of Endeavour Oil & Gas Limited.

Prior to acquisition the company owned 6% of Hydrocarbon Exploration plc. On acquiring control, the company, as required under IFR3 Business Combinations, re-measured its existing interest at fair value. The resulting gain was not material.

The acquisition contributed revenue of £Nil and a loss after tax of £174,857 during the period. If the acquisition had been completed on 1 January 2011 group revenue for the year would have been £Nil and group loss after tax would have been £879,538.

4. INTANGIBLE ASSETS

Exploration and evaluation assets relates to expenditure incurred in prospecting and exploration for oil and gas in Peru, Ghana and Bolivia. The directors are aware that by its nature there is an inherent uncertainty in such development expenditure as to the value of the asset.

The realisation of these intangible assets is dependent on the discovery and successful development of economic oil and gas reserves which is affected by the risks outlined below:

·; price fluctuations;

·; foreign exchange risks;

·; uncertainties over development and operational risks;

·; operational and environmental risks;

·; political and legal risks, including arrangements with governments for licenses, profit sharing and taxation;

·; foreign investment risks including increases in taxes, royalties and renegotiation of contracts;

·; liquidity risks; and

·; funding risks.

Should this prove unsuccessful the value included in the balance sheet would be written off to the statement of comprehensive income.

In 2010 the directors decided to provide in full against the value of the Iranian assets. This decision was taken as discovery certificates which were applied for in 2008 in respect of both the Chah-e-zard project and the Dalli project, had not been received up to that date. As there was no guarantee that a discovery certificate and development licence would be issued in respect of either project in Iran the directors decided to provide in full against the carrying value of the assets. Accordingly, an impairment provision of £1,934,807 was recorded by the group. During 2011, the group sold their interest in one of the Iranian licences to a third party.

5. CALLED-UP SHARE CAPITAL

Movements in issued share capital

On 6 April 2011 a total of 67,513,600 consideration shares were issued to Hydrocarbon Exploration

Shareholders (excluding the company) as consideration for the acquisition of Hydrocarbon Exploration.

On 6 April 2011 a total of 45,463,671 shares were placed at a price of 6p per share. Proceeds were used to provide additional working capital and fund development costs.

During the year 5,114,363 warrants were exercised at a price of 4p per share

During the year 6,920,000 share options were exercised at prices ranging from 0.25p to 2.5p per share.

On 6 April 2011 a total of 649,616 warrants were granted to the Company's broker to subscribe for

649,616 shares at a price of 6p per share. These warrants are exercisable for 3 years from the date

of Admission.

Share Options

A total of 10,850,000 share options were in issue at 31 December 2011 (2010: 9,370,000). These options are exercisable, at prices ranging between 2.5p and 25p, up to seven years from the date of granting of the options unless otherwise determined by the board.

Warrants

A total of 649,616 warrants were in issue at 31 December 2011 (2010: 5,114,363). These warrants are exercisable at a price of 6p up to three years from the date of granting of the warrants

6. SHARE-BASED PAYMENTS

Share options

The Group issues equity-settled share-based payments to certain directors and individuals who have performed services for the Group. Equity-settled share-based payments are measured at fair value at the date of grant. Fair value is measured by the use of a Black-Scholes model.

A total number of 10,850,000 share options were in issue at 31 December 2011 (2010: 9,370,000). These options are exercisable, at prices ranging between 2p and 25p up to seven years from the date of granting of the options unless otherwise determined by the board.

The Group plan provides for a grant price equal to the average quoted market price of the ordinary shares on the date of grant. The options vest immediately.

At 31 December 2011, there were 910,000 (2010: 7,830,000) options in existence which were not accounted for under IFRS 2 as the grant date was prior to 1 January 2006.

During the period 6,920,000 options were exercised for a total consideration of £43,400

On 6 April 2011, 3,000 Hydrocarbon Exploration options were surrendered in exchange for the issuance of 8,400,000 new options in Clontarf. The number of replacement options issued was determined by the exchange rate of 2,800 used in the acquisition. The replacement of the share options has been treated as a modification of the existing share options. The incremental fair value of the options was £190,595. The fair value was calculated using the Black-Scholes model

Warrants

During the year a total of 5,114,363 warrants were exercised with a fair value of £73,883

On 6 April 2011 a total of 649,616 warrants were granted to the company's broker in relation to the share placing. These warrants had a fair value of £6,578. The fair value was calculated using the Black-Scholes model

7. General Information

The financial information set out above does not constitute the Company's financial statements for the year ended 31 December 2011. The financial information for 2010 is derived from the financial statements for 2010 which have been delivered to the Registrar of Companies. The auditors have reported on 2010 statements; their report was unqualified with an emphasis of matter in respect of considering the adequacy of the disclosures made in the financial statements concerning the valuation of intangible assets, and did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006. The financial statements for 2011 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

A copy of the Company's Annual Report and Accounts for 2011 will be mailed to all shareholders shortly and will also be available for collection from the Company's registered office, 20-22 Bedford Row, London WC1R 4JS. The Annual Report will shortly be available for viewing on Clontarf Energy plc's website at www.clontarfenergy.com.