Mining firms merge to create Clontarf Energy

TWO of the Irish mining and exploration companies chaired by businessman John Teeling are to merge under the new name, Clontarf Energy.

Persian Gold – which is listed on London’s Alternative Investment Market (AIM) and mines for gold and precious metals in Iran – is to acquire Hydrocarbon Exploration, in what is ultimately a reverse takeover.

Hydrocarbon is, in essence, the newest name in the Teeling portfolio – formed by the remaining assets left over after Pan Andean Resources was bought out by Canadian company, Petro-minerales, earlier this year.