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CLONTARF ENERGY An emerging E&P company focused on Africa and South America April 2012. DISCLAIMER.

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CLONTARF ENERGY

An emerging E&P company focused on Africa and South America

April 2012

disclaimer
DISCLAIMER

The content of information contained in this Presentation has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (“FSMA”). Reliance upon this Presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. If any person is in any doubt as to the contents of this Presentation, they should seek independent advice from a person who is authorised for the purposes of FSMA and who specialises in advising in investments of this kind. This Presentation is being supplied to you solely for your information.

While the information contained herein has been prepared in good faith, neither Persian Gold plc (to be renamed Clontarf Energy plc) (“Company”) nor its shareholders, directors, officers, agents, employees or advisers give, has given or has authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers and liability therefore is expressly disclaimed.

This Presentation does not constitute, or form part of, an admission document, listing particulars or a prospectus relating to the Company, nor does it constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company nor shall it or any part of it, or the fact of its distribution, form the basis of, or be relied upon in connection with, or act as any inducement to enter into any contract therefore.

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DISCLAIMER

Neither this Presentation nor any copy of it should be distributed, directly or indirectly, by any means (including electronic transmission) to any persons with addresses in the United States of America (or any of its territories or possessions) (together, the “US”), Canada, Japan, Australia, the Republic of South Africa or the Republic of Ireland, or to any corporation, partnership or other entity created or organised under the laws thereof, or in any other country outside the United Kingdom where such distribution may lead to a breach of any legal or regulatory requirement. The recipients should inform themselves about and observe any such requirements or relationship.

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Forward-looking Statements

This Presentation or documents referred to in it contain forward-looking statements. These statements relate to the future prospects developments and business strategies of the Company and its subsidiaries (the “Group”). Forward-looking statements are identified by the use of such terms as “believe”, “could”, “envisage”, “estimate”, “potential”, “intend”, “may”, “plan”, “will” or the negative of those, variations or comparable expressions, including references to assumptions. The forward-looking statements contained in this Presentation are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. If one or more of these risks or uncertainties materialises, or if underlying assumptions prove incorrect, the Group’s actual results may vary materially from those expected, estimated or projected. Given these risks and uncertainties, potential investors should not place any reliance on forward-looking statements. These forward-looking statements speak only as at the date of this Presentation.

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high potential exploration projects
High potential exploration projects
  • Peru: Two high potential blocks ready for farm out.
  • Block 188: Panguana is an appraisal / early development project.
  • Further potential leads and prospects in the Block identified close to the giant Camisea gas-field.
  • Block 183: Is part of a seven billion-barrel Sub-Andean foreland basin system. Five important leads have been identified.
  • Ghana: A 60% interest in Ghana Tano 2A block licence covering 1,532km2. The block is close to four recent Tullow Oil plc discoveries. Awaiting ratification.
  • Bolivia: Stakes in two gas & oil producing fields – El Dorado and Monteagudo.
peru world class exploration portfolio
PERU: WORLD CLASS EXPLORATION PORTFOLIO
  • Clontarf holds two exploration blocks: 183 and 188.
  • Peru is a highly attractive, growing oil & gas province.
  • Farm out discussions underway.
  • The Government takes proportionally to the field profitability: Total effective state take is 50%.
  • Reasonable work programme.
block 188 ucayali
BLOCK 188 - UCAYALI
  • 595,809 hectares of prospective ground, beside the giant Camisea (16 tcf & 880mmbo) producing field.
  • Extensive regional data available (13,400km of 2d seismic and 50 wells).
  • Good seismic coverage and three wells drilled close to Block 188.
  • Main petroleum system is Paleozoic, but;
    • Four source rocks & three seals proven.
    • Three main producing reservoirs in the area.
    • Undeveloped oil discovery at neighbouring La Colpa.
  • Oil discovered on the block in 1998. Phillips Petroleum drilled a well at Panguanain the south-east of Block 188.
block 188 undeveloped discovery
Block 188 - Undeveloped discovery
  • The identified Panguana structure presents a stand-alone prospect suitable for early drilling:
  • Phillips Petroleum drilled the 2,750 metre Panguana x-1 well in 1998. Uneconomic at the time.
  • The oil collected was of good quality (37°API) in the Green Sandstone Formation of Cretaceous and Paleozoic age.
  • Based on the formation test, a reserves calculation estimated 31 million barrels of oil.
  • The Phillips geophysicist believes that well logs show that the (untested) underlying sections also contain oil.
block 188 leads
Block 188 - Leads
  • Three Prospects and ten leads.
  • The main objectives are Green Sandstone (Carboniferous) and the Paleozoic sandstones Ambo Group.
  • The secondary objectives are the sands of the Vivian, Chonta, Agua Caliente and Cushabatay formations of Cretaceous age.
  • Sands of Devonian, possibly the Cabanillas Group, Ene, and the Tarma/Copacabana carbonates of Paleozoic age constitutes additional exploratory objectives in the deepest parts.
block 183 maranon basin
BLOCK 183 - MARANON BASIN
  • Block 183 is 396,826 hectares in the Marañon Basin, which has produced since the 1940s.
  • Two oil fields and one gas field neighbour Block 183.
  • Good quality, recently re-processed seismic data is available.
  • Two main source rocks: Triassic-Jurassic & Cretaceous.
  • C. 1,700km of 2d seismic data – which has been re-processed.
  • Five leads & prospects already identified, including 4-way closures in the Yurimaguas Anticline.
prospects and leads lead n 1 block 183
PROSPECTS AND LEADSLEAD Nº 1 BLOCK 183

BP reprocessed seismic Line 19. It shows anomalies demonstrating significant gas occurrence, which enhances the hydrocarbon potential in Block 183, bounded most likely with lead four way closure located in the line DX47/DX26.

prospects and leads lead n 2 block 183
PROSPECTS AND LEADSLEAD Nº 2 BLOCK 183

An important lead with exploratory potential has been identified south of the neighbouring Shanushi well, with significant evidences of gas and condensate, (this lead is located in same trend inside Block 183).

prospects and leads lead n 3 block 183
PROSPECTS AND LEADSLEAD Nº 3 BLOCK 183

Line DX 22 NW-SE/Line DX 43 SW-NE - Lead four way closure with exploratory potential has been identified in Block 183, north of Santa Catalina 1X well.

prospects and leads lead n 4 block 183
PROSPECTS AND LEADSLEAD Nº 4 BLOCK 183

Line DX 53 NE-SW - Lead with exploratory potential has been identified on SW border of Block 183 alongside Rio Chipurana.

prospects and leads lead n 5 block 183
PROSPECTS AND LEADSLEAD Nº 5 BLOCK 183

Lead four way closure located in the lines DX45/DX 28.

ghana sweet spot beside tullow tano block
GHANA SWEET-SPOT BESIDE TULLOW: TANO BLOCK

The concession is in the name of ‘Pan Andean Resources Limited’ (Ghana co.).

Ghana has emerged recently as a world class oil province. The discoveries offshore Tano contain billions of barrels.

  • Ownership:
  • 60% Clontarf Energy
  • 30% Petrel Resources
  • 10% Ghanaian interests
  • Attractive Terms:
  • Royalty: 12.5% oil
  • Carry: 10%
  • Income Tax: 35%
  • Target-rich block:
  • 1,532km2 area
  • 676km of 2d seismic reviewed
  • Multiple leads & prospects identified
  • Awaiting parliamentary approval. Expected Q2/Q3 2012
tano basin licence
TANO BASIN LICENCE
  • Numerous seeps and shows onshore.
  • Seeps fed from offshore oil kitchens.
  • Past shallow onshore wells drilled without seismic control.
  • No wells in the offshore part of licence.
  • Thick sedimentary section.
  • Promising features on offshore seismic lines.
  • Available data reprocessed and analysed. Eight potential targets identified.
bolivia butterfly re emerging
BOLIVIA: BUTTERFLY RE-EMERGING?
  • Nationalisation of hydrocarbons decree passed in 2008 so ownership status uncertain.
  • Strong gas demand in Brazil & Argentina. Government determined to develop the oil and gas industry.
  • Clontarf Energy 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.
  • Monteagudo (30% Clontarf, 30% Repsol-YPF, 20% Petrobras 20% YPFB). Traditional field producing c. 120 bod. The potential is the deep gas play estimated to contain up to 5 tcf. This is identified by 3d seismic and is identical to nearby multi-tcf discoveries.
bolivia el dorado
BOLIVIA – EL DORADO
  • Producing gas field near Santa Cruz estimated to contain 1.5tcfg.
  • Owned 90% YPFB, 10% Clontarf.
  • Dispute with previous 90% owner, BP, led to our group declaring force majeure in 2007.
  • Ongoing discussion with YPFB to clear dispute. Court judgement due. If successful Clontarf will have to pay legacy costs and forego revenue until costs in last two years are paid.
  • Current production 19mmcfd (1.9m Clontarf).
  • These wells are now producing 19mmcfd & 500b condensate. Planned production is 40mmcfd & 800 barrels condensate – yielding gross revenues of over $200k daily.
bolivia monteagudo
BOLIVIA - MONTEAGUDO
  • Long established oil & gas field in southern Bolivia owned 30% Clontarf, 20% Petrobras, 20% by YPF-Andina and 30% by operator Repsol.
  • Shallow oil wells petering out after years of under-investment.
  • Significant 5 tcf potential structure in the deep ‘Huamampampa’ zone. Multi-tcf discoveries on neighbouring blocks.
  • Agreement reached for Repsol and Petrobras to sell their stakes. Clontarf will go to 50% and LAE – an Argentinian oil services company, will acquire the other 50%. There will be no cost to Clontarf. Government approval required.
focused strategy
Focused Strategy
  • Peru: Three pronged strategy
    • Examine opportunities to joint venture the Panguana prospect on Block 188
    • Farm out both blocks
    • Sell our interest in Block 183
  • Ghana: Awaiting ratification which is expected in mid 2012. All requirements completed. Ready to move on seismic acquisition. There are interested third parties.
  • Bolivia: Finalising agreements on El Dorado and Monteagudo.
commercial
COMMERCIAL

Listed: February 2011

Shares in issue: 200m

Price: 3.5p

Market Cap: £7 million

Nomad/Broker: Shore Capital

Joint Broker:Optiva

contact details
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