CLONTARF Energy, the Dublin-based explorer chaired by serial entrepreneur John Teeling, saw losses balloon as it wrote off projects in Iran and the Gulf of Mexico. The Dublin-listed oil and gas company said yesterday that it will write off a gold venture in Iran and a gas exploration project in the Gulf of Mexico to focus instead on developing oil and gas assets in Ghana, Peru and Bolivia.
Clontarf Energy was formed as part of a complex reverse-takeover deal last year that involved another John Teeling-related company called Persian Gold and a company called Hydrocarbon Exploration.
"The reorganisation of Persian Gold into Clontarf Energy provided an opportunity to critically evaluate our projects.
"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," Teeling said yesterday as he unveiled results for 2010.
Teeling held out hopes of revenue from Bolivia and new licences in Peru as well as progress in Ghana where the company is prospecting for gas.
The chairman added that the company has enough funds to continue exploration.
Teeling added that the company had operating losses of £2.2m (€2.5m) in 2010, compared to £315,118 the previous year. Pre-tax losses rose to £2.2m from £316,000 in 2009, and the loss per share increase to 2.96p from 0.42p.