🕐15.03.11 - 13:54 Uhr
Persian Gold plc: Results of Meetings / Change of Name to Clontarf Energy plc
15 March 2011
Persian Gold plc ("Persian Gold" or the "Company")
Results of Meetings
Change of name to Clontarf Energy plc
Persian Gold is pleased to announce that all resolutions proposed at a
General Meeting of the Company held earlier today in London were
approved including a resolution to approve the acquisition by the
Company of Hydrocarbon Exploration plc ("HyEx") and a resolution to
approve the change of the Companys name to Clontarf Energy plc
("Clontarf Energy").
The Companys ticker will change to CLON
following the name change; the Companys ISIN and SEDOL will remain
unchanged.
The approval of the resolutions at the Persian Gold General Meeting
followed the approval by HyEx shareholders of (1) a resolution to
approve the scheme of arrangement to effect the acquisition of HyEx by
Persian Gold at a court meeting of HyEx shareholders (the "Scheme"), and
(2) resolutions to implement the Scheme at a general meeting of HyEx
shareholders.
It is expected that the Scheme will become effective (following High
Court sanction) on 5 April 2010.
Following this, admission to trading on
AIM of the existing ordinary shares in Clontarf Energy (formerly Persian
Gold) will be cancelled and re-admission and dealings in the existing
ordinary shares and new ordinary shares in Clontarf Energy plc will
commence on AIM with effect from 8 a.m.
on 6 April 2011.
David Horgan, Managing Director, commented:
"I am delighted that shareholders in both Persian Gold (PNG) and
Hydrocarbon Exploration (HyEx) have approved the acquisition of HyEx
which leads to the creation of Clontarf Energy, an oil and gas explorer
and producer with an exciting portfolio of projects in Peru, Ghana and
Bolivia.
While the HyEx acquisition, which is subject to final court
approval, will not complete until early April, PNG becomes Clontarf
Energy (CLON) in a few days.
In Peru, we expect within weeks to complete the formal signing ceremony
to acquire two good quality onshore exploration blocks.
We have
successful experience in creating value with Peruvian oil assets.
In
Ghana we await cabinet and parliament approval on our 60% held Tano 2
onshore / offshore block.
Delay is difficult to explain to
shareholders, but as Ghana grows into a major oil producer, pressure
grows on how to divide up the oil riches so politicians are slow to make
decisions.
Despite the political uncertainty in Bolivia, we like the potential on
our two joint ventures.
In the coming weeks, we will invest $0.6
million into the El Dorado gas project where we hold a 10% interest with
Chaco / YPFB, the state oil company, holding the rest.
This investment
buys Clontarf back into a producing field.
The funding for Clontarfs
share of two new step out wells is being funded from revenues currently
being generated.
We expect net cash to be generated from 2012.
The producing Monteagudo gas field in Central Bolivia is 30% owned by
Clontarf Energy with Repsol (50%) and Petrobras (20%) holding the
balance.
We are attempting to reach agreement with our partners to
acquire 100% of the field.
If we can we will seriously consider
drilling the huge anomaly at depth on the block.
Our plans for Clontarf Energy are set out above.
It has been a long
road to get to this point but we look forward to the future with
interest."
Enquiries:
Persian Gold plc
John Teeling, Chairman
David Horgan, Managing Director
James Finn, Finance Director
+353 (0) 1 833 2833
Nominated Adviser and Joint Broker
Shore Capital
Pascal Keane
Toby Gibbs
+44 (0)20 7408 4090
Joint Broker
Optiva Securities Limited
Jeremy King
+44(0)20 3137 1904
College Hill
Nick Elwes
+44 (0)20 7457 2020
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