Clontarf Energy
An emerging E&P company focused
on Africa and South America – with US
Gulf of Mexico income
November/December 2010
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Clontarf Energy plc will combine
production & exploration upside




Persian Gold (PNG.L) will acquire Hydrocarbon Exploration plc for
new Persian Gold shares
The new venture (to be renamed Clontarf Energy plc) will have
production in the US & Bolivia and prime exploration in Ghana and
Peru
Clontarf Energy intends to raise up to £3m by issuing new shares to
fund exploration
Clontarf Energy, once re-admitted to AIM, is expected to have
income from US production, potential income from Bolivian
production and high potential concessions in Ghana and Peru
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Clontarf Energy plans to use placing
proceeds to explore
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
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
High potential exploration properties (following the acquisition of
Hydrocarbon Exploration plc):
Clontarf Energy will have 60% of Ghana Tano 2A block – 1,532km2
close to 4 recent Tullow Oil plc discoveries
Awarded two exploration blocks in Peru in October 2010 bid round –
in key Maranon / Ucayali basins
Potential lithium concessions in Bolivia in cooperation with state
(MoU)
Ongoing discussions for additional oil and gas exploration
opportunities in other prospective South and Central American
countries
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Strategy to repeat past success:




Clontarf Energy intends to
Leverage the cash flow from the US and Bolivia assets using the
former Pan Andean Resources plc South American management
team to build a portfolio of high potential oil and gas properties
This management team delivered 3 favourable Peruvian farm-outs,
invested c. $3 million and then sold the vehicle for circa $31 million
cash in 2010
Add value to properties, intending to farm out, joint venture or sell
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Why Africa & Latin America for
oil/gas?
Latin America

More than 350 Bn boe of reserves discovered
–

Africa

–
Importance of heavy oil and Deepwater
rising
More than 60% of the prospective area
remains unexplored. Many basins underexplored
More than 330 Bn boe of reserves discovered

Many hydrocarbon rich basins, new ideas
emerging, but select focus on
–

Many hydrocarbon rich basins, new ideas
emerging, but select focus on
–
–
–
–
Andean belt (Colombia, Peru, Bolivia)
Central America, Mexico



Opportunities and conducive business
environment for small size E&P companies in
countries of focus
50% in Sub Saharan Africa
West Africa Offshore (Ghana and
neighbours, Nigeria)
Unconventionals (Morocco, South Africa,
Botswana)
Onshore Central Africa (Rifts basins)
Opportunities and conducive business
environment for small E&P companies in
countries of focus
Source: Bernstein
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Ghana sweet-spot beside Tullow:
Offshore/Onshore Tano Block
The concession was awarded to ‘Pan Andean Resources Limited’ (Ghana co.):
3°30'0"W
3°10'0"W
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Its Ownership:
60% Clontarf Energy
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(including 30% in Hydrocarbon Exploration plc)
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30% Petrel Resources
10% Ghanaian interests
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Target-rich block:
–1,532km2 area
– extensive raw data available
– 676km of 2d seismic now
being reviewed
–Tano Basin, close to recent
Tullow discoveries
–Multiple leads & prospects
identified
1°50'0"E
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Ghana terms are comparable to Peru
& Colombia:
Approximate government take
Colombia, Peru

World Average

West Africa is attractive
due to competitive
conditions and large
exploration potential
Ghana among the most
attractive, as terms do not
reflect recent exploration
success
Source: Bernstein
Select countries of interest in the region
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Ghanaian Terms

Royalties: 12.5% on oil 10% on Gas

Carried Interest: 10%

Income Tax 35%

Standard Rentals

Normal Technology / Training terms

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Appropriate Work Commitment (given many targets): $20m over 3
years including one well onshore or $35m if an offshore well
No bonds or deposits required
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Peru: recreate team’s recent
success: World Class Exploration Portfolio
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Awarded two exploration blocks in the 2010
tender round: Block 188 has Camisea-type
potential, & also prospective for medium-size
shallower fields
Block 183 in the Maranon Basin, beside
existing production. Could connect to existing
gas-condensate infrastructure. Two oil play
types: regional & Cretaceous models
Government take proportional to field
profitability: Effective royalty of c.50%
Reasonable work programme & bonding ($200k
per block)
11
Bolivia: butterfly re-emerging?
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
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Growing economy powered by commodity exports, including strong gas demand in Brazil &
Argentina. The elected government is determined to develop the oil and gas industry
Clontarf Energy , through its subsidiary Petrolex SA) holds stakes in two proven projects, El
Dorado and Monteagudo (both on existing export pipelines):
El Dorado (10% Clontarf 90% YPFB) is a producing gas field near Santa Cruz. Following
recent exploration success, management estimates reserves at up to 400 bcf Gas and 8 to
10 million barrels condensate. These wells are now producing c. 14mmcfd & 321b
condensate. Planned production is c.40mmcfd & 800 barrels condensate – yielding gross
revenues of over $200k daily. After confirmation of the gas export price and repayment of
capex, opex & royalties should yield several million dollars of revenue yearly after 2012

Monteagudo (30% Clontarf, 50% Repsol-YPF 20% Petrobras). Traditional field producing
c. 120bod. The potential is the deep gas play estimated to contain up to 3 tcf. This is
identified by 3d seismic and identical to nearby multi-tcf discoveries
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USA Portfolio of Assets – Production
High Island 30
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Clontarf holds royalty interests on High Island 52 in
the Gulf of Mexico
A 1.91% royalty from Gryphon/Dynamic currently
producing $30K a month at a $3.80 gas price.
Production currently limited due to depressed gas
price
A 2.15% royalty from Phoenix/Zenergy producing
$5K a month
Clontarf has a 67% interest in High Island 30L
producing circa 50 bbls a day oil plus a production
handling charge of circa $35K monthly from Hunt
Oil
High Island 52
Clontarf hold a 20% interest in an onshore Texas
lease (Vrazel) and a 1% royalty on the North Bob
West field in Texas
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Non-Hydrocarbon Assets: Iran/Bolivia
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Clontarf Energy, through its subsidiary, has two joint ventures in Iran: one gold,
one copper/gold:
An option over 70% of the Chah-e-Zard gold deposit near Yazd. It contains
indicated resources of 160,000 ounces of gold and 1 million ounces of silver in
oxide ore at a 1g/t gold cutoff. A Discovery Certificate has been applied for
Clontarf has an option on 70% of the Dalli copper/gold deposit 200km from
Tehran. A Discovery Certificate has been applied for
Clontarf is working with the industrial arm of the Bolivian Armed Forces over
extensive salt pans, including part of Uyuni salt lake . Bolivia holds c.50% of the
world’s known reserves of lithium brines. Initial reconnaissance work has been
completed
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Use of Funds
Assuming £ 3 million raised funds are expected to be used as follows:

Ghana:
£750,000 – early stage reviews and reworking of existing seismic
and well data. Convert leads/prospects to drillable targets

Peru:
£300,000 for bonds and initial data review

Bolivia:
£1m – to pay the Clontarf share on wells drilled in 2010 and 2011

Corporate overheads (including regional offices) including new projects and
listing costs = up to £1m
NB: Any shortfall will lead to slimmed work programme in Ghana & Peru and rescheduled contributions to historic El Dorado capex & opex.
15
Anticipated Timetable
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Roadshow
Indications of Interest
First Court Hearing & Announcement
Shareholder Meetings
Final Court Hearing & Admission to AIM
22 Nov – 6 Dec
8 Dec
W/C Dec / Jan
W/C end Jan
W/C end Jan / Feb
16
Experienced Board
John Teeling – Executive Chairman
Established and managed a number of Stock
Exchange listed resource companies in the past 30
years. Currently chairs 4 AIM resource companies.
Holds a doctorate from Harvard and an MBA from
Wharton
David Horgan – Director
Managing Director of AIM listed Middle East Oil
explorer Petrel Resources plc as well as Clontarf
Energy . Holds directorships in a number of resource
companies. Holds an MBA from Harvard & MA from
Cambridge
Manouchehr Takin – Director
40 years experience working in natural resources
including working for Iranian Oil Consortium,
Geological Survey, Anglo American, Amoco, Ultramar,
NIOC and OPEC. Holds a PhD from Cambridge and
an MBA from IMI, Tehran
Jim Finn – Finance Director
Holds degrees in management and an accounting
qualification and is a finance director for several
publicly listed junior exploration companies
Mauricio Gonzalez – President South America
Former Bolivian Minister of Energy, President of
National Oil and Gas Company (YPFB). Director of
Compania Boliviana de Energia Electica, the largest
electric power generator in Bolivia. Worked as
consultant to the World Bank.
Jorge Flores – Operations Chief
45 years experience as field petroleum engineer, area
supervisor, and e&p manager. Former Operations
Chief of Bolivia’s National Oil and Gas Company
(YPFB).
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Current Status & deal background:
Persian Gold
(Clontarf Energy)
Hydrocarbon Exploration
Status
AIM
Unlisted PLC
Shares
75mm
25,000
Price
at suspension
6.75p
£125
Mkt cap (£mm)
5.1
3.1
Shareholders
600
1,300
Directors/Mgmt
40%
11%
Assets
30% Tano 2A Block
30% Tano 2A, Ghana
Gold/Copper Concessions
in Iran
10% El Dorado gas field,
Bolivia
6% of Hydrocarbon Exploration
30% Monteagudo oil/gas
field, Bolivia
US Gulf of Mexico / Texas
royalties
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Contact Details
Clontarf Energy Plc
162 Clontarf Road
Dublin 3
Ireland
Phone: +353 1 833 2833
Fax: +353 1 833 3505
Email: info@clontarfenergy.com
 www. clontarfenergy.com
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