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.