Clontarf Energy shares give back big rise as says nothing to disclose

(Alliance News) - Clontarf Energy PLC shares returned some of Friday's gains on Monday, after the Dublin-headquartered firm confirmed there is "no new price sensitive information" to disclose.

Shares in the oil and gas firm plummeted 35% to 0.077 pence in London on Monday morning, having doubled in price on Friday. Over the past 12 months, the stock is down 74%.

However, Clontarf company took the opportunity to provide an update on various developments.

In Bolivia, it noted discussions with direct lithium extraction processing experts, and said it has reached a preliminary agreement for a brine-testing joint-venture in medium-sized Bolivian salt-lakes.

"If the laboratory test-work is satisfactory, we will consider, subject to sourcing the necessary funding, building an on-site pilot plant to production test the direct lithium extraction process," Clontarf said.

In Australia it is seeing "increased interest" in its existing acreage, owing to high Asian gas prices and the shortage in liquefied natural gas feedstock. Additional projects have also been proposed to the firm, it said.

"There has rarely been a better time to hold prospective acreage," said Chair David Horgan.

Alongside its partners, Clontarf also is exploring "the deeper plays" on its 10% working interest in WG-519-P block, located in Australia's North Western Shelf.

Lastly, in Ghana, Clontarf is resuming conversations to ratify petroleum agreements with the Ghanaian authorities, which could accelerate exploration programmes in Tano Basin.

"The resurgence of interest in African exploration and development may lead to additional proposals in the coming months," it said.

By Elizabeth Winter; [email protected]

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