Clontarf Energy slashes losses

The Irish-based oil and gas exploration company Clontarf Energy slashed its losses last year, but is set to further re-evaluate its asset portfolio.

New figures for the John Teeling-chaired company — which has its shares listed on London’s AIM index — show a 2011 pre-tax loss of just over £870,000 (€1.1m); well down on pre-tax losses of over £2.2m in the prior year.

The company’s losses per share also drastically reduced — from 2.96p in 2010 to just 52p last year.