Veteran mineral exploration entrepreneur John Teeling, has said Clontarf Energy, which he chairs, shares the concerns and frustrations of shareholders as it announced another year without revenues or profits.
Mr Teeling was speaking as AIM-listed Clontarf, whose main focus is on West Africa and Bolivia, reported a £350,553 loss for 2018, down from a £2.78 million loss a year earlier.
The oil and gas exploration company, which raised £500,000 last year to fund working capital, had net current liabilities of £611,232 at the end of 2018. That included £1.07 million owed to directors, who they have agreed to defer for at least 12 months.
Clontarf had a cash balance of £511,564 at the end of 2018 and approximately £430,000 as of Tuesday.
“We share the concerns and frustration of shareholders who have waited for years for positive news. There have been a number of false dawns. All I can offer my fellow shareholders is hope, hope that at long last some genuine opportunities will be open to our company,” Dr Teeling said in a statement.
Setbacks Clontarf has experienced a number of setbacks. It concluded an onshore/offshore licence agreement in Ghana more than 10 years ago that has still not been ratified. In Bolivia, three blocks it controlled were nationalised in 2006 for which the company has not been compensated.
Dr Teeling said, despite the setbacks and even as price volatility continues to impact on the exploration sector, the company would continue to push ahead.
“Many of us have experienced previous price volatility but this extended depression is causing even the most optimistic investors to consider their position,” said Dr Teeling.
“Many have given up and sold out further depressing prices as there are few, if any, new buyers. But Clontarf is an AIM-quoted company with thousands of shareholders, interesting investment opportunities, an experienced board and some good financial supporters. We will continue until the sector recovers.”
