Result of EGM (9741C)
15 March 2011 - 11:22PM
UK Regulatory
TIDMPNG
RNS Number : 9741C
Persian Gold PLC
15 March 2011
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 Company's name to
Clontarf Energy plc ("Clontarf Energy"). The Company's ticker will
change to 'CLON' following the name change; the Company's 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 Clontarf's 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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