(Alliance News) - Clontarf Energy PLC on Monday said it was confident of adequate funding as it reported a sharply narrowed loss.

The oil, gas and minerals explorer's pretax loss narrowed to GBP870,061 in 2023 from GBP4.8 million in 2022.

This was due to impairments being reduced to GBP137,609 from GBP4.1 million. Administrative expenses increased only slightly, by 3.7% to GBP696,452 from GBP671,352.

Clontarf shares were up 48% to 0.023 pence each on Monday morning in London.

The company said it continued to monitor Ghanaian developments to update the acreage to be explored, as it remained in contact on other prospective African countries. The main hurdle has been the requested fiscal terms, it noted.

Chair David Horgan said: "Subject to technical verification of its exploration projects, and permitting, Clontarf is confident of adequate funding, whether in London or Australia, for near to medium term ongoing activities. Our preference, where possible, is to avoid dilution by relying on offtakers or EU institutions for necessary infrastructural support."

Further, he said: "In oil and gas, the tightening hydrocarbons' supply-demand balance promises a revival of exploration and the farm-out market. "

Last week, Clontarf said it hadn't passed through to the fourth stage of a call for bids being conducted by the Bolivian State Lithium Co for seven salt pans in the southern part of that country. Clontarf said it appears to have been declined for not having the required credit rating and despite having identified an offtake partner for the lithium.

Chair Horgan said at the time: "Europe and the world need offtake of pure Bolivian lithium. Europe's supplies of critical minerals are vulnerable - especially in lithium, cobalt and rare earths. China's strategy to dominate critical minerals' processing and mining has succeeded unopposed for 25 years. This now extends into electric vehicles."

By Tom Budszus, Alliance News slot editor

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