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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Clontarf Energy Plc | LSE:CLON | London | Ordinary Share | GB00B09WLX62 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0325 | 0.03 | 0.035 | 0.0325 | 0.0325 | 0.0325 | 16,764,567 | 07:34:45 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 0 | -4.77M | -0.0009 | -0.33 | 1.56M |
From Apr 2019 to Apr 2024
TIDMCLON
RNS Number : 8083Y
Clontarf Energy PLC
14 September 2020
14(th) September 2020
Clontarf Energy plc
("Clontarf" or the "Company")
Interim Statement for the period ended 30 June 2020
Clontarf Energy (AIM: CLON), the oil and gas exploration company focused on Ghana and Bolivia, announces
its unaudited financial results for the six months ended 30 June 2020:
The principal activities during this period were ongoing discussions with the Ghanaian authorities to finalise the ratification of our signed Petroleum Agreement on Tano 2A Block, and negotiating a lithium evaporates exploration and development agreement with the Bolivian authorities.
Ghanaian Tano 2A Petroleum Agreement
Ghana currently produces circa 200,000 barrels of oil per day, from the Jubilee, and TEN oil-fields . This is expected to increase to up to 500,000 barrels of oil per day by 2023, despite the OPEC + partner output cuts during the 2020 Covid-19 ("C-19") oil demand weakness.
Clontarf is ready to contribute to this growth, by initiating the Ghana Hydrocarbons Tano 2A work programme, subject to securing the necessary funding in an environment complicated by the recent oil price fall, as soon as the signed Petroleum Agreement is ratified.
Despite lower oil prices, the carefully calibrated Ghanaian fiscal terms help make the Tano Basin oil play feasible, given the demonstrated source rock and Cretaceous sands which remain an industry favourite. Indeed, the industry contraction may assist Clontarf focus strategy on the bigger potential stratigraphic traps.
Critical Ghanaian meetings, scheduled for March 2020, to finalise the few outstanding issues, had to be postponed due to C-19.
As of September 2020, Ghana now seems to be returning to normal, with surprising good compliance and low infection rates (possibly reflecting a young population - as well as experience preventing Ebola, etc. since 2002). Accra airport opened in September 2020. We are hopeful that progress may be made from October 2020 and will update shareholders as and when appropriate.
Bolivian Lithium
Bolivia has been hard-hit (as was much of South America) by C-19, leading to postponement of planned meetings, elections, and formation of the new government.
We have had informal discussions between our local director and officials. We are hopeful of progress after the elections, which were delayed due to C-19, but likely to proceed on 18(th) October, 2020.
The lithium brines processing work has continued, with technical discussions. We have a steadily deeper understanding of the issues and technical parameters, and hope to incorporate these in the final agreement.
Bolivian salt pans contain at least 50% of the world's brine lithium yet it has not been developed. The EU now estimates that global demand by 2050 will be 60 times the current lithium supply. The Board believes there is no economic way to supply this without major Bolivian supplies.
The end-2019 Bolivian general elections were inconclusive, with disputed results. Peaceful protests forced the departure of the outgoing government and the appointment of an interim administration in 2020, charged with early, impartial elections under international supervision. These elections were initially scheduled for May 2020, but ultimately postponed, due to the Bolivia C-19 lock-down, until 18(th) October 2020, with a possible 2(nd) round, if necessary to achieve greater than 50% voter approval.
Accordingly, the Company's scheduled March 2020 meetings on Bolivian lithium had to be postponed. Likewise the development of possible cooperation with a prospective partner on osmosis technology that may boost pure lithium recovery from brines. As of September 2020, Bolivia, and its neighbours remain shut down for international visits.
Immediately before the lock-down, the Company's local director presented Clontarf's updated proposals to the interim minister's staff. Our plans, based on a review of the 40 plus salt pans suggests that we focus on a small number of medium sized pans.
There followed a positive response, and subsequent ministerial briefing.
The Bolivians proposed some clarifications to ensure conformity of Clontarf's proposal (which had previously been agreed with the former YLB Chief) with the existing Lithium Law. It is also likely that the Lithium Law itself will be streamlined, so as to achieve Bolivia's objective of becoming a major lithium exporter. The interim economics minister has also publicly stressed the role of lithium development in helping Bolivia to emerge from the COVID-19 pandemic.
The ambitious worldwide plans for Electric Vehicles (EVs), hybrid vehicles, as well as electrical storage to facilitate development of intermittent renewable power, make rapid growth in lithium demand inevitable. Attention so far has focused on the DRC's 64% share of Cobalt output, but the gap is similarly daunting for Lithium - which remains dominated by Australian hard-rock (53%), and Chile (21.5%).
Bolivia has not yet exported any battery-grade lithium salts - though it has up to 50% of global lithium resources. This offers a generational opportunity to those, like Clontarf Energy, with decades of Bolivian extractive industries' experience.
Funding
Clontarf remains fully funded for ongoing activities.
John Teeling
Chairman
11(th) September 2020
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
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For further information please visit http://clontarfenergy.com or contact:
Clontarf Energy
John Teeling, Chairman
David Horgan, Director +353 (0) 1 833 2833
Nominated & Financial Adviser
Strand Hanson Limited
Rory Murphy
Ritchie Balmer
Georgia Langoulant +44 (0) 20 7409 3494
Broker
Novum Securities Limited
Colin Rowbury +44 (0) 207 399 9400
Public Relations
Blytheweigh +44 (0) 207 138 3206
Megan Ray +44 (0) 207 138 3204
Rachael Brooks +44 (0) 207 138 3203
Madeleine Gordon-Foxwell +44 (0) 207 138 3208
Teneo
Luke Hogg +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
Thomas Shortall +353 (0) 1 661 4055
Clontarf Energy plc
Financial Information (Unaudited)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
Six Months Ended Year Ended
30 June 30 June 31 Dec
20 19 19
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
CONTINUING
OPERATIONS
Administrative ( 146 ( 123 ( 308
expenses ) ) )
---------------------------------------- ----------------------------------------- -----------------------------------------
( 146 ( 123 ( 308
LOSS BEFORE TAXATION ) ) )
Income Tax - - -
TOTAL COMPREHENSIVE LOSS FOR ( 146 ( 123 ( 308
THE PERIOD ) ) )
======================================== ========================================= =========================================
LOSS PER SHARE -
basic
and diluted (0.02p) (0.02p) (0.04p)
======================================== ========================================= =========================================
CONDENSED CONSOLIDATED BALANCE 30 June 30 June 31 Dec
SHEET 20 19 19
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
ASSETS:
NON-CURRENT ASSETS
Intangible assets 869 837 851
869 837 851
---------------------------------------- ----------------------------------------- -----------------------------------------
CURRENT ASSETS
Other receivables 2 9 3
Cash and cash
equivalents 190 425 301
---------------------------------------- ----------------------------------------- -----------------------------------------
192 434 304
TOTAL ASSETS 1,061 1,271 1,155
---------------------------------------- ----------------------------------------- -----------------------------------------
LIABILITIES:
CURRENT LIABILITIES
Trade payables ( 48 ) ( 71 ) ( 56 )
( 1,240 ( 1,116 ( 1,180
Other payables ) ) )
---------------------------------------- ----------------------------------------- -----------------------------------------
( 1,288 ( 1,187 ( 1,236
) ) )
---------------------------------------- ----------------------------------------- -----------------------------------------
( 1,288 ( 1,187 ( 1,236
TOTAL LIABILITIES ) ) )
NET ( 227
(LIABILITES)/ASSETS ) 84 ( 81 )
======================================== ========================================= =========================================
EQUITY
Share capital 1,792 1 ,792 1,792
Share premium 10,900 10,900 10,900
Share based payment
reserve 22 191 22
Retained earnings - ( 12,941 ( 12,800 ( 12,795
(Deficit) ) ) )
---------------------------------------- ----------------------------------------- -----------------------------------------
( 227
TOTAL EQUITY ) 83 ( 81 )
======================================== ========================================= =========================================
CONDENSED CONSOLIDATED STATEMENT OF CHANGES
IN EQUITY
Share
based
Share Share Payment Retained Total
Capital Premium Reserves Losses Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
( 12,677
As at 1 January 2019 1,792 10,900 191 ) 206
Total comprehensive ( 123 ( 123
loss ) )
------------------------------------- ------------------------------------- ---------------------------------------- ----------------------------------------- -----------------------------------------
( 12,800
As at 30 June 2019 1,792 10,900 191 ) 83
Share options vested - - 21 - 21
Share options ( 190
expired - - ) 190 -
Total comprehensive ( 185 ( 185
loss - - - ) )
------------------------------------- ------------------------------------- ---------------------------------------- ----------------------------------------- -----------------------------------------
As at 31 December ( 12,795
2019 1,792 10,900 22 ) ( 81 )
Total comprehensive ( 146 ( 146
loss - - - ) )
----------------------------------------
( 12,941 ( 227
As at 30 June 2020 1,792 10,900 22 ) )
===================================== ===================================== ======================================== ========================================= =========================================
CONDENSED CONSOLIDATED CASH Year
FLOW Six Months Ended Ended
30 June 30 June 31 Dec
20 19 19
unaudited unaudited audited
GBP'000 GBP'000 GBP'000
CASH FLOW FROM OPERATING ACTIVITIES
( 146 ( 123 ( 308
Loss for the period ) ) )
Share options vested - - 21
Exchange movements ( 1 ) 2 5
---------------------------------------- ----------------------------------------- -----------------------------------------
( 147 ( 121 ( 282
) ) )
Movements in Working
Capital 38 32 79
---------------------------------------- ----------------------------------------- -----------------------------------------
CASH USED BY ( 203
OPERATIONS ( 109) ( 89 ) )
NET CASH USED IN OPERATING ( 203
ACTIVITIES ( 109) ( 89 ) )
---------------------------------------- ----------------------------------------- -----------------------------------------
CASH FLOWS FROM INVESTING
ACTIVITIES
Payments for
intangible
assets ( 3 ) ( 4 ) ( 3 )
NET CASH USED IN INVESTING
ACTIVITIES ( 3 ) ( 4 ) ( 3 )
---------------------------------------- ----------------------------------------- -----------------------------------------
NET DECREASE IN CASH AND CASH ( 112 ( 206
EQUIVALENTS ) ( 85 ) )
Cash and cash equivalents at beginning
of the period 301 512 512
Effect of exchange rate changes
on cash held 1 ( 2 ) ( 5 )
CASH AND CASH EQUIVALENT AT THE
OF THE PERIOD 190 425 301
======================================== ========================================= =========================================
Notes:
1. INFORMATION
The financial information for the six months ended 30 June 2020 and the comparative amounts for the six months ended 30 June 2019 are unaudited. The financial information above does not constitute full statutory accounts within the meaning of section 434 of the Companies Act 2006.
The Interim Financial Report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union. The accounting policies and methods of computation used in the preparation of the Interim Financial Report are consistent with those used in the Group 2019 Annual Report, which is available at www.clontarfenergy.com
The interim financial statements have not been audited or reviewed by the auditors of the Group pursuant to the Auditing Practices board guidance on Review of Interim Financial Information.
2. No dividend is proposed in respect of the period. 3. LOSS PER SHARE
Basic loss per share is computed by dividing the loss after taxation for the year available to ordinary shareholders by the weighted average number of ordinary shares in issue and ranking for dividend during the year. Diluted earnings per share is computed by dividing the loss after taxation for the year by the weighted average number of ordinary shares in issue, adjusted for the effect of all dilutive potential ordinary shares that were outstanding during the year.
The following table sets out the computation for basic and diluted earnings per share (EPS):
Six months Ended Year Ended
30 June 30 June 31 Dec 19
20 19
GBP'000 GBP'000 GBP'000
Numerator
For basic
and diluted
EPS (146) (123) (308)
================================== ================================== ==================================
Denominator
For basic
and diluted
EPS 716,979,964 716,979,964 716,979,964
================================== ================================== ==================================
Basic EPS (0.02p) (0.02p) (0.04p)
Diluted EPS (0.02p) (0.02p) (0.04p)
================================== ================================== ==================================
Basic and diluted loss per share are the same as the effect of the outstanding share options is anti-dilutive and is therefore excluded.
4. INTANGIBLE ASSETS
Exploration and
evaluation 30 June 30 June 31 Dec
assets: 20 19 19
GBP'000 GBP'000 GBP'000
Cost:
At 1 January 8,561 8,528 8,528
Additions 18 19 33
Closing
Balance 8,579 8,547 8,561
============================ ============================ ============================
Impairment:
At 1 January 7,710 7,710 7,710
Provision for
impairment - - -
Closing
Balance 7,710 7,710 7,710
============================ ============================ ============================
Carrying
value:
At 1 January 851 818 818
============================ ============================ ============================
At period end 869 837 851
============================ ============================ ============================
Regional 30 Jun 30 Jun 31
Analysis 20 19 Dec19
GBP'000 GBP'000 GBP'000
Bolivia 16 16 16
Ghana 853 821 835
869 837 851
==================================================== ============================ ============================
Exploration and evaluation assets relate to expenditure incurred in prospecting and exploration for lithium, oil and gas in Bolivia and Ghana. The directors are aware that by its nature there is an inherent uncertainty in exploration and evaluation assets and therefore inherent uncertainty in relation to the carrying value of capitalised exploration and evaluation assets.
During 2018 the Group resolved the outstanding issues with the Ghana National Petroleum Company (GNPC) regarding a contract for the development of the Tano 2A Block. The Group has signed a Petroleum Agreement in relation to the block and this agreement awaits ratification by the Ghanaian government.
The directors believe that there were no facts or circumstances indicating that the carrying value of intangible assets may exceed their recoverable amount and thus no impairment review was deemed necessary by the directors. The realisation of these intangibles assets is dependent on the successful discovery and development of economic deposit resources and the ability of the Group to raise sufficient finance to develop the projects. It is subject to a number of potential significant risks, as set out below.
The Group's activities are subject to a number of significant potential risks including:
-- licence obligations; -- exchange rate risks; -- uncertainties over development and operational costs;
-- political and legal risks, including arrangements with Governments for licences, profit sharing and taxation;
-- foreign investment risks including increases in taxes, royalties and renegotiation of contracts;
-- title to assets; -- financial risk management; -- going concern; -- ability to raise finance; and -- operational and environmental risks.
Included in the additions for the period are GBP15,000 (2019: GBP30,000) of directors remuneration. The remaining balance pertains to the amounts capitalised to the respective licences held by the entity.
5. TRADE PAYABLES
30 June 30 June 31 Dec
20 19 19
GBP'000 GBP'000 GBP'000
Trade payables 38 47 38
Other accruals 10 24 18
48 71 56
============================ ============================ ============================
6. OTHER PAYABLES
30 June 30 June 31 Dec
20 19 19
GBP'000 GBP'000 GBP'000
Amounts due to directors 1,240 1,116 1,180
1,240 1,116 1,180
============================ ============================ ============================
Other payables relate to remuneration due to directors' accrued but not paid at period end.
7. SHARE CAPITAL
Allotted,
called-up
and fully
paid:
Number Share Capital Premium
GBP'000 GBP,000
At 1
January
2019 716,979,964 1,792 10,900
Issued - - -
during the
period
-------------------------------- ------------------------------------- -----------------------------
At 30 June
2019 716,979,964 1,792 10,900
Issued - - -
during the
period
-------------------------------- ------------------------------------- -----------------------------
At 31
December
2019 716,979,964 1,792 10,900
Issued - - -
during the
period
At 30 June
2020 716,979,964 1,792 10,900
================================ ===================================== =============================
8. POST BALANCE SHEET EVENTS
There were no material post balance sheet events affecting the group or company.
9. The Interim Report for the six months to 30 June 2020 was approved by the Directors on 11(th) September 2020.
10. The Interim Report will be available on the Company's website at www.clontarfenergy.com .
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END
IR BLGDCUGBDGGB
(END) Dow Jones Newswires
September 14, 2020 02:00 ET (06:00 GMT)
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