Clontarf Energy

An emerging E&P company focused on Africa and South America – with US Gulf of Mexico income

November/December 2010 1

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Clontarf Energy plc will combine production & exploration upside

    Persian Gold (PNG.L) will acquire Hydrocarbon Exploration plc for new Persian Gold shares The new venture (to be renamed Clontarf Energy plc) will have production in the US & Bolivia and prime exploration in Ghana and Peru Clontarf Energy intends to raise up to £3m by issuing new shares to fund exploration Clontarf Energy, once re-admitted to AIM, is expected to have income from US production, potential income from Bolivian production and high potential concessions in Ghana and Peru 4

Clontarf Energy plans to use placing proceeds to explore

     High potential exploration properties (following the acquisition of Hydrocarbon Exploration plc): Clontarf Energy will have 60% of Ghana Tano 2A block – 1,532km2 close to 4 recent Tullow Oil plc discoveries Awarded two exploration blocks in Peru in October 2010 bid round – in key Maranon / Ucayali basins Potential lithium concessions in Bolivia in cooperation with state (MoU) Ongoing discussions for additional oil and gas exploration opportunities in other prospective South and Central American countries 5

Strategy to repeat past success:

    Clontarf Energy intends to Leverage the cash flow from the US and Bolivia assets using the former Pan Andean Resources plc South American management team to build a portfolio of high potential oil and gas properties This management team delivered 3 favourable Peruvian farm-outs, invested c. $3 million and then sold the vehicle for circa $31 million cash in 2010 Add value to properties, intending to farm out, joint venture or sell 6

Why Africa & Latin America for oil/gas?

   

Latin America

More than 350 Bn boe of reserves discovered

– Importance of heavy oil and Deepwater rising

More than 60% of the prospective area remains unexplored. Many basins under explored Many hydrocarbon rich basins, new ideas emerging, but select focus on

– – Andean belt (Colombia, Peru, Bolivia) Central America, Mexico

Opportunities and conducive business environment for small size E&P companies in countries of focus



Africa

More than 330 Bn boe of reserves discovered

– 50% in Sub Saharan Africa 

Many hydrocarbon rich basins, new ideas emerging, but select focus on

– – – West Africa Offshore (Ghana and neighbours, Nigeria) Unconventionals (Morocco, South Africa, Botswana) Onshore Central Africa (Rifts basins) 

Opportunities and conducive business environment for small E&P companies in countries of focus

 Source: Bernstein 7

Ghana sweet-spot beside Tullow: Offshore/Onshore Tano Block

The concession was awarded to ‘

Pan Andean Resources Limited

’ (Ghana co.): 6°40'0"N 6°20'0"N 6°0'0"N 5°40'0"N 5°20'0"N 5°0'0"N 4°40'0"N 4°20'0"N 4°0'0"N 3°40'0"N 3°20'0"N 3°30'0"W 3°10'0"W 2°50'0"W 2°30'0"W 2°10'0"W 1°50'0"W 1°30'0"W 1°10'0"W 0°50'0"W 0°30'0"W 0°10'0"W 0°10'0"E 0°30'0"E 0°50'0"E 1°10'0"E 1°30'0"E 1°50'0"E

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CAPE THREE POINTS TANO BASIN/WESTERN BASIN SALTPOND/CENTRAL BASIN

6°40'0"N 6°20'0"N 6°0'0"N 5°40'0"N 3°30'0"W 3°10'0"W 2°50'0"W 2°30'0"W 2°10'0"W 1°50'0"W 1°30'0"W 1°10'0"W 0°50'0"W 0°30'0"W 0°10'0"W 0°10'0"E 0°30'0"E 0°50'0"E 1°10'0"E 1°30'0"E 1°50'0"E

Its Ownership:

60% Clontarf Energy (including 30% in Hydrocarbon Exploration plc) 30% Petrel Resources 10% Ghanaian interests 5°20'0"N 5°0'0"N 4°40'0"N 4°20'0"N 4°0'0"N 3°40'0"N 3°20'0"N

Target-rich block:

–1,532km2 area – extensive raw data available – 676km of 2d seismic now being reviewed –Tano Basin, close to recent Tullow discoveries –Multiple leads & prospects identified 8

Ghana terms are comparable to Peru & Colombia:

Approximate government take Colombia, Peru World Average  West Africa is attractive due to competitive conditions and large exploration potential  Ghana among the most attractive, as terms do not reflect recent exploration success Source: Bernstein Select countries of interest in the region 9

Ghanaian Terms

 Royalties: 12.5% on oil 10% on Gas  Carried Interest: 10%  Income Tax 35%  Standard Rentals  Normal Technology / Training terms  Appropriate Work Commitment (given many targets): $20m over 3 years including one well onshore or $35m if an offshore well  No bonds or deposits required 10

Peru: recreate team’s recent success: World Class Exploration Portfolio



Awarded two exploration blocks in the 2010 tender round: Block 188

has Camisea-type potential, & also prospective for medium-size shallower fields 

Block 183

in the Maranon Basin, beside existing production. Could connect to existing gas-condensate infrastructure. Two oil play types: regional & Cretaceous models  Government take proportional to field profitability: Effective royalty of c.50%  Reasonable work programme & bonding ($200k per block) 11

Bolivia: butterfly re-emerging?

    Growing economy powered by commodity exports, including strong gas demand in Brazil & Argentina. The elected government is determined to develop the oil and gas industry Clontarf Energy , through its subsidiary Petrolex SA) 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. These wells are now producing c. 14mmcfd & 321b condensate. Planned production is c.40mmcfd & 800 barrels condensate – yielding gross revenues of over $200k daily. After confirmation of the gas export price and repayment of capex, opex & royalties should yield several million dollars of revenue yearly after 2012

Monteagudo

(30% Clontarf, 50% Repsol-YPF 20% Petrobras). Traditional field producing c. 120bod. The potential is the deep gas play estimated to contain up to 3 tcf. This is identified by 3d seismic and identical to nearby multi-tcf discoveries 12

USA Portfolio of Assets – Production

High Island 30

     Clontarf holds royalty interests on High Island 52 in the Gulf of Mexico A 1.91% royalty from Gryphon/Dynamic currently producing $30K a month at a $3.80 gas price. Production currently limited due to depressed gas price A 2.15% royalty from Phoenix/Zenergy producing $5K a month Clontarf has a 67% interest in High Island 30L producing circa 50 bbls a day oil plus a production handling charge of circa $35K monthly from Hunt Oil Clontarf hold a 20% interest in an onshore Texas lease (Vrazel) and a 1% royalty on the North Bob West field in Texas

High Island 52

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Non-Hydrocarbon Assets: Iran/Bolivia

 Clontarf Energy, through its subsidiary, has two joint ventures in Iran: one gold, one copper/gold:  An option over 70% of the Chah-e-Zard gold deposit near Yazd. It contains indicated resources of 160,000 ounces of gold and 1 million ounces of silver in oxide ore at a 1g/t gold cutoff. A Discovery Certificate has been applied for  Clontarf has an option on 70% of the Dalli copper/gold deposit 200km from Tehran. A Discovery Certificate has been applied for  Clontarf is working with the industrial arm of the Bolivian Armed Forces over extensive salt pans, including part of Uyuni salt lake . Bolivia holds c.50% of the world’s known reserves of lithium brines. Initial reconnaissance work has been completed 14

Use of Funds

Assuming £ 3 million raised funds are expected to be used as follows:  Ghana: £750,000 – early stage reviews and reworking of existing seismic and well data. Convert leads/prospects to drillable targets   Peru: Bolivia: £300,000 for bonds and initial data review £1m – to pay the Clontarf share on wells drilled in 2010 and 2011  Corporate overheads (including regional offices) including new projects and listing costs = up to £1m NB: Any shortfall will lead to slimmed work programme in Ghana & Peru and rescheduled contributions to historic El Dorado capex & opex.

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Anticipated Timetable

     Roadshow Indications of Interest First Court Hearing & Announcement Shareholder Meetings Final Court Hearing & Admission to AIM 22 Nov – 6 Dec 8 Dec W/C Dec / Jan W/C end Jan W/C end Jan / Feb 16

Experienced Board

John Teeling – Executive Chairman

Established and managed a number of Stock Exchange listed resource companies in the past 30 years. Currently chairs 4 AIM resource companies. Holds a doctorate from Harvard and an MBA from Wharton

David Horgan – Director

Managing Director of AIM listed Middle East Oil explorer Petrel Resources plc as well as Clontarf Energy . Holds directorships in a number of resource companies. Holds an MBA from Harvard & MA from Cambridge

Manouchehr Takin – Director Jim Finn – Finance Director

40 years experience working in natural resources including working for Iranian Oil Consortium, Geological Survey, Anglo American, Amoco, Ultramar, NIOC and OPEC. Holds a PhD from Cambridge and an MBA from IMI, Tehran Holds degrees in management and an accounting qualification and is a finance director for several publicly listed junior exploration companies

Mauricio Gonzalez – President South America

Former Bolivian Minister of Energy, President of National Oil and Gas Company (YPFB). Director of Compania Boliviana de Energia Electica, the largest electric power generator in Bolivia. Worked as consultant to the World Bank.

Jorge Flores – Operations Chief

45 years experience as field petroleum engineer, area supervisor, and e&p manager. Former Operations Chief of Bolivia’s National Oil and Gas Company (YPFB).

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Current Status & deal background:

Status Shares Price at suspension Mkt cap (£mm) Shareholders Directors/Mgmt Assets Persian Gold (Clontarf Energy) AIM 75mm 6.75p

5.1

600 40% 30% Tano 2A Block Gold/Copper Concessions in Iran 6% of Hydrocarbon Exploration Hydrocarbon Exploration Unlisted PLC 25,000 £125 3.1

1,300 11% 30% Tano 2A, Ghana 10% El Dorado gas field, Bolivia 30% Monteagudo oil/gas field, Bolivia US Gulf of Mexico / Texas royalties 18

Contact Details Clontarf Energy Plc

162 Clontarf Road Dublin 3 Ireland Phone: +353 1 833 2833 Fax: +353 1 833 3505 Email: [email protected]



www. clontarfenergy.com

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