Clontarf in ‘uncertain place’ as losses mount

Irish exploration firm Clontarf Energy has reported a 145% jump in pre-tax losses to nearly £3.2m (€3.9m) for 2013, leading management to say the company is in "an uncertain place".

The Dublin-headquartered/ AIM-listed firm — which grew out of the 2010 sale of Pan Andean Resources and is focused on Ghana, Bolivia and Peru — also reported a jump in losses per share; from 65p to £1.59.

Administrative expenses went from £458,501 to £667,370 and impairment charges on exploration assets soared from £844,782 to nearly £2.5m.