Fortbridge Media Release

Clontarf Energy plc [CLON] - Update on Peruvian exploration progress

20 November 2012

Clontarf Energy plc
(�Clontarf� or �the Company�)

Update on Peruvian exploration progress

STRATEGIC PARTNERSHIP NEGOTIATIONS ADVANCING
IN BOTH BLOCKS 183 AND 188

Clontarf Energy plc (AIM: CLON) (�Clontarf� or �the Company�) today announces an update on progress on its 100 per cent owned Blocks 183 and 188 in Peru. Block 183 in central Peru covers 396,826 hectares. Block 188 in southern Peru covers 595,809 hectares and is located only 100 kilometres north east of the Camisea gas field.

Clontarf Energy plc is advancing towards securing strategic partnerships in both Blocks 183 and 188 in Peru.

Block 183:

The Company�s negotiations to date have focused on the Pacaya structure and the possible implementation of an integrated gas-condensate project, with estimated prospective reserves of 870 billion cubic feet of natural gas and 45 million barrels of condensate according to our latest most probable scenario.

Negotiations are complicated by the need to verify gas off-take levels in order to justify upstream investment in required exploration wells to confirm these resources. Clontarf is in advanced discussions with a European power generation group, over a projected 160 MW first phase power generation project, as well as with a leading natural gas distribution group.

Clontarf�s technical team foresees natural gas off-take in the first phase of Pacaya production of 75 million cubic feet daily, of which approximately 45 million cubic feet will go to power production and 30 million cubic feet daily to other natural gas distribution markets.

The Board of Clontarf expects that there will be a specific agreement on the Pacaya structure. This would leave Clontarf Energy free to explore the remainder of the 396,826 hectare Block 183. Clontarf�s geoscientists have already identified four additional prospects: two with gas-condensate potential and two with oil potential.

In the meantime, technical work progresses, with upcoming AVO (Amplitude vs. Offset) analysis to be contracted with international geophysical company ZEP-TECH. This work (which we expect would be funded by a future partner) is intended to confirm and evaluate amplitude anomalies found in three gas-condensate prospects, including Pacaya.

These amplitude anomalies have already been proven in the Shanushi 1X well (located 15 kilometers away from Pacaya), drilled in 1975 by Germany�s Deminex. High gas pressure was encountered in the pre-Cretaceous Sarayaquillo and top Pucara formations. Clontarf�s experts believe that the Shanushi structure is directly connected to the Pacaya prospect. Clontarf is also conducting a further reprocessing of the seismic lines which connect Shanushi with Pacaya in order to prove the extension of the natural gas anomalies. A specialised technical study carried out by Fugro Geophysical on behalf of Amerada Hess of the Shanushi well showed potential recoverable gas reserves of over 1.3 trillion cubic feet (TCF) and 69 million barrels of gas condensate, with a net pay of almost 30 metres, which would considerably enhance the already important Pacaya potential reserves.

Block 188:

In Block 188 the Company is mainly concentrating on working up oil-prone targets. So far the negotiations have followed a more standard farm-out format: the proposed carried work programme would include an Environmental Impact Study and the acquisition of 200 kilometers of new 2D seismic. Clontarf has requested additional dense-grid seismic lines, in order to confirm closure of large structures on top of geological horsts related to rift depocentres with main maturing zones during the Late Paleozoic era.

The Company also requires the drilling of one exploration well. This technical work would be funded by the partner. In negotiations to date, Clontarf Energy has proposed remaining as Operator, retaining a 50 per cent operating interest.

Clontarf hopes that detailed, high-resolution seismic will de-risk the 13 prospects and leads identified to date. The Company�s objective is to work up short-term drillable structures, as well as to acquire more regional lines that will help establish the prospectivity of Clontarf�s eastern zone close to the Brazilian shield outcrop, where giant stratigraphic trap accumulations could exist.

Clontarf would reserve the right to re-enter the Panguana structure, itself on top of a geological horst. This is an existing oil discovery, drilled by Phillips Petroleum in 1999. The Company estimates a potential reserve of 30-45 million barrels of 37 degree API oil.

David Horgan, Managing Director of Clontarf Energy, commented:

�Clontarf�s Blocks have the right address. Our Block 188 is surrounded by recent discoveries by Petrominerales last October in Block 126, by Repsol last September in Block 57 and earlier by Petrobras in Block 58. In addition Peru�s growing power consumption, high Latin American gas prices, and the Peruvian Government�s continuation of investment incentives, are all making the territory extremely attractive.

�We are looking to cut industry deals that capture as much of our Block�s potential as possible.�

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This statement has been approved by senior oil industry consultant Jorge Flores, a University of Oklahoma qualified petroleum engineer.
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For further information please visit or contact:

Clontarf Energy plc
John Teeling, Chairman +353 (0) 1 833 2833
David Horgan, Managing Director
James Finn, Finance Director

Nominated Adviser and Joint Broker
Shore Capital
Pascal Keane/Toby Gibbs, Corporate Finance +44 (0)20 7408 4090
Jerry Keen, Corporate Broking

Joint Broker
Optiva Securities Limited
Jeremy King +44(0)20 3137 1904
Jason Robertson +44(0)20 3137 1906

Public Relations
Blythe Weigh Communications +44 (0)20 7138 3204
Tim Blythe +44 (0) 7816 924626
Robert Kellner +44 (0) 7800 554377

Pembroke Communications
David O�Siochain +353 (0) 1 649 6486