Persian Gold reports 11% fall in first-half losses

PERSIAN GOLD — one of the Dublin-based exploration companies chaired by businessman John Teeling, has reported an 11% year-on-year drop in first- half losses as it prepares to overhaul its operational framework.

The AIM-listed company — which, as its current name suggests, is focused on mining for gold and precious metals in Iran — is soon set to approach shareholders for approval to widen its operational scope and change its name to Clontarf Energy.

Clontarf will merge the interests of Persian Gold with Hydrocarbon Exploration, a company formed recently to oversee the assets left over from the sale of another Teeling company — Pan Andean Resources — to Canadian firm Petrominerales.