John Teeling firm open to further expansion

Clontarf Energy — the John Teeling-chaired exploration firm — is continuing talks regarding the potential enlargement of its geographic spread and asset base.

The Dublin-headquartered firm, which has its shares listed on London’s AIM index, has interests in Peru, Bolivia and Ghana.

Earlier this year, management said it was looking at ways to rejuvenate the firm’s asset base and refresh shareholder value.

It is understood that one potential deal model — regarding a private company taking a minority equity stake in return for bringing on new Nigerian assets — foundered on lack of funding.

However, Clontarf remains open to acquiring new assets and is in talks with a number of parties in this regard.

Clontarf and sister company Petrel Resources also seem to be closing in on a successful conclusion to a long-running dispute over lost acreage on a field in Ghana which they co-control via their local affiliate Pan Andean Resources (Ghana).

The dispute arose when another firm was awarded acreage overlapping their existing Tano Basin licence, thus diluting their asset base.

Yesterday, both firms simultaneously announced to the London Stock Exchange that revised Tano Basin acreage co-ordinates have been formally offered by Ghanaian officials, which have been accepted “in principle” by both firms and their local partners.

It is hoped that formal conclusion to the matter can be arrived at before Ghana’s national elections in December.

“Negotiations to formalise a revised agreement has yet to be reached on certain matters,” both firms said.