Clontarf Energy to dispose of US and Iran operations

CLONTARF Energy — the John Teeling-chaired exploration company with assets in Ghana, Peru and Bolivia — has re-evaluated its asset portfolio and is set to dispose of its operations in the US (Gulf of Mexico) and Iran in due course.

The company — which came into being last year after Pan Andean Resources was acquired by Canadian company, Petrominerales and its remaining assets were merged with another Teeling-backed firm, Persian Gold — yesterday reported a pre-tax loss of £2.22m for 2010, compared to a loss of £316,000 for the previous year.

“The reorganisation of Persian Gold into Clontarf Energy provided an opportunity to critically evaluate our projects,” according to Mr Teeling.

“Difficulties with projects in Iran and in the Gulf of Mexico has led the board to write off their value. Both are likely to be disposed of in due course,” he added.

Mr Teeling said the loss of value in the Gulf of Mexico had been “sudden and unexpected“, while he said it had proved “impossible” to get discovery certificate and development licences in Iran.

“Iran has highly prospective geology and is largely unexplored, [but] there is growing opposition to investment in Iran and a growing threat of sanction, ” he added.