Clontarf Regulatory News (CLON)

30 September 2011

Clontarf Energy PLC

Interim Statement for the period ended 30 June 2011

Clontarf Energy successfully listed on AIM in April 2011. It was formed by a merger of Hydrocarbon Exploration an unlisted company with projects in Bolivia, Ghana and the US and Persian Gold with a project in Ghana and dormant mineral projects in Iran.

The new venture raised £2.7 million upon listing. While going through the listing procedure, Clontarf was successful in obtaining concessions over two onshore hydrocarbon exploration blocks in Peru.

We completed the acquisition of these licences with the official signing on Wednesday 28th September 2011 in Lima, Peru. Block 183, located in the Marañon basin, covers almost 400,000 hectares in Central Peru. We have acquired, from previous owners, 1,700 km of high quality seismic data which is being re-interpreted, as are the logs of three wells previously drilled in the 1970s. This region has a number of producing oil fields.

The second block, 188, covers almost 600,000 hectares in the Ucayali basin, an area we know well from our previous exploration venture in Peru. Block 188 is near the world-class Camisea gas and condensate field, and the Directors believe that it is prospective for both oil and gas. While awaiting final signatures we worked with local communities in each area and put together a team to prepare a rigorous environmental impact assessment.

Peru is a priority area for oil multinationals due to its attractive fiscal terms, a stable government and a relatively unexplored hydrocarbon system. We did well to be awarded these two blocks in the October 2010 Licencing Round. The Company expects to have joint venture partners working with us in exploring the blocks.

Progress is also being achieved in Ghana which is fast becoming a major oil province. Since signing an agreement with the Ghanaian National Petroleum Company (GNPC) in 2010 on the 1,532 sq km Tano 2A onshore/offshore block, the attractiveness of Ghana has increased. Clontarf holds 60% of the concession with Petrel Resources holding 30% and Ghanaian interests 10%. The giant Jubilee oil field owned by Kosmos/Tullow Oil, not far from Tano, is now producing. In recent days, Tullow Oil has announced a significant oil discovery on their Tano offshore block which is close to Tano 2A. Ongoing work by Clontarf on data relating to the Tano 2A block has identified a number of areas which need follow up.

In common with many countries Ghana requires cabinet and parliamentary approval of all concessions awarded. This process takes time but we are working our way through the system. Tano 2A is a good block with both onshore and shallow offshore possibilities. New seismic is needed to better define targets, but the ultimate test is a well or two. We are eager to begin exploration.

Our third sphere of activity is in Bolivia, a country with significant mineral and hydrocarbon potential. Clontarf inherited a company which has been active in Bolivia for over 20 years. The acquisition brought interests in two producing fields. The Monteagudo oil/gas field (30% Clontarf, 30% Repsol, 20% Petrobras, 20% Andina which is owned by the state), has been producing for 40 years and is in decline. There is a well defined deep target (4,000 metres) in the Block, in the Devonian Formations. Giant gas discoveries, of trillions of cubic feet, have been made in the Huamapampa and Santa Rosa Formations on adjacent blocks by Total, Petrobras and Repsol. Agreement has been reached and formalised with operating partner Repsol, as well as Petrobras, for both to sell their stakes, subject to normal state approvals. Operatorship will be transferred to our new partner, Latinoamericana de Energia, which will result in significantly lower operating costs and hence, profitability, for the Monteagudo Field. This restructuring will also facilitate early drilling of the deep gas play. Approvals by the Bolivian Government and Legislature are expected by the end of first quarter 2012.

Clontarf also holds a 10% interest in the producing El Dorado gas field near Santa Cruz in Bolivia. There is a legal dispute with our operating partner, YPFB Chaco which is 100% owned by the state. Negotiations are ongoing and, based on legal advice received, we believe that we can resolve the outstanding legal and financial issues. Clontarf, due to its 100% ownership of Bolivian company Petrolex S.A., has been involved in the El Dorado field for over a decade. Early drilling suggested a field in excess of 0.4 trillion cubic feet of gas. Plans to exploit this gas in the early 2000s were frustrated by low gas prices. Recently, the majority owner YPFB Chaco, has drilled additional wells, constructed a modern gas-processing plant and is producing 21 million cubic feet of gas and 500 barrels of condensate daily.

This is a challenging time for exploration ventures and financial markets generally. We successfully raised money and listed Clontarf Energy during a period when equity financing was difficult to obtain. Clontarf is funded for all immediate needs. I am confident that the patience of shareholders will be well rewarded. The signing of the Peruvian blocks is a significant milestone and is the first of what I hope will be a series of positive announcements.

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Enquiries:

www.clontarfenergy.com

Notes:

1. INFORMATION

The financial information for the six months ended 30 June 2011 and the comparative amounts for the six months ended June 30th, 2010 are unaudited. The financial information above does not constitute full statutory accounts within the meaning of section 434 of the Companies Act 2006.

The Interim Financial Report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union. The accounting policies and methods of computation used in the preparation of the Interim Financial Report are consistent with those used in the Group 2010 Annual Report, which is available at www.clontarfenergy.com

The interim financial statements have not been audited or reviewed by the auditors of the Group pursuant to the Auditing Practices board guidance on Review of Interim Financial Information.

2. No dividend is proposed in respect of the period.

3. On 23 March 2011 the company changed its name to Clontarf Energy plc. On 6 April 2011 the company acquired the total issued share capital of Hydrocarbon Exploration plc ("HyEx"), a UK company, on the basis of 2,800 Clontarf Energy plc shares for every one HyEx share. Following the acquisition admission to trading of the existing ordinary shares of Clontarf Energy plc was cancelled and the shares of the new enlarged group were admitted to trading.

Further details of the transaction are set out in Note 5

4. 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.

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

5. ACQUISITION OF SUBSIDIARY

6. INTANGIBLE ASSETS

Exploration and evaluation assets relates to expenditure incurred in prospecting and exploration for oil and gas in Ghana, Peru 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.

In relation to the Iranian operations, discovery certificates were applied for in 2008 in respect of both the Chah-e-zard project and the Dalli project, neither of which have been granted. As there is no guarantee that a discovery certificate will be issued in respect of either project in Iran, an impairment provision of £1,934,807 had been recognised in the year ended 31 December 2010. The provision for impairment has been recognised against the total of exploration and evaluation expenditure incurred in relation to the Iranian projects.

The realisation of these intangible assets is dependent on the discovery and successful development of economic mineral reserves which is affected by the risks outlined below. Should this prove unsuccessful the value included in the balance sheet would be written off to the statement of comprehensive income.

The group's activities are subject to a number of significant potential risks including:

- price fluctuations

- foreign exchange risks

- uncertainties over development and operational risks

- operations 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

- funding risks

Having reviewed the deferred exploration and evaluation development expenditure at 30 June 2011, the directors are satisfied that the value of the intangible asset is not less than carrying net book value.

7. TANGIBLE ASSETS

The Tangible assets relate to oil interests held in the USA. See Note 9 below.

8. INVESTMENTS OTHER

The company purchased 1,425 new ordinary shares in Hydrocarbon Exploration plc, a UK company, in July 2010. On 6 April 2011 the company acquired all of the remaining issued share capital of Hydrocarbon Exploration on the basis of 2,800 Clontarf Energy plc shares for every one Hydrocarbon Exploration plc share. Hydrocarbon Exploration is now a wholly owned subsidiary of Clontarf Energy plc. Further details are set out in Note 5.

9. TRADE AND OTHER PAYABLES

10. PROVISION FOR DECOMMISSIONING COSTS

The group makes full provision for the future cost of decommissioning mine sites and related production facilities on a discounted basis on the development of mines or installation of those facilities.

The decommissioning provision represents the present value of decommissioning costs relating to oil interests. At present, it is not possible to determine when the decommissioning costs are likely to be incurred. These provisions have been made based on the group's internal estimates. Assumptions based on the current economic environment, have been made with management believing it to be a reasonable basis on which to estimate the future liability. These estimates are reviewed regularly to take account of any material changes to the assumptions. However, the actual decommissioning costs will ultimately depend on market conditions at the relevant time

11. SHARE CAPITAL

12. SHARE BASED PAYMENTS