Clontarf Energy buys 10% stake in Australian well

Clontarf Energy has acquired a 10 per cent stake in the Sasanof Prospect off the coast of Western Australia for an initial consideration of about €4.3 million.

Sasanof is a large, seismically defined, amplitude supported prospect at a depth of 2,500m. The group said it plans to drill the main target horizon in the prospect during May and June of this year.

The acquisition consideration will be comprised of a cash consideration of $4 million (€3.8 million) and 100,000,000 ordinary shares of 0.25p each, valued at £480,000 (€560,760) as at May 6th close.

In the event of a discovery being declared at the well, the consideration will be further increased by 150,000,000 ordinary shares, up to a maximum of £8.7 million, being 80 per cent of the market capitalisation at May 6th close.

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The acquisition will be funded from the group’s existing cash balance, following the company’s placing to raise £3,500,000 which was completed on April 27th.

Clontarf chairman David Horgan said: “There has rarely been a better opportunity to explore large potential gas prospects in a safe jurisdiction.

“International gas prices have soared since late 2021 – especially in Europe and Asia. This is partly due to geopolitical issues, though an underlying concern is the tightening supply/demand balance.

“Liquefied natural gas is now over half of global traded gas sales, and a third of European consumption – which will grow as buyers seek to diversify from dependence on Russian gas.”