Clontarf Energy, the Irish AIM listed, oil and gas exploration company has significantly reduced its losses.

It is also advancing joint venture discussions on its Panguana block in Peru.

Clontarf's losses for the year to the end of December fell to £870,082 sterling from £2,225,347 the previous year.

Clontarf Energy has interests in Ghana and Bolivia but said it will focus on its Peruvian licences that include Blocks 188 and 183. 

'The work done by Clontarf, since listing over a year ago, will provide long term benefits to shareholders,'' commented chairman John Teeling.

'' At the time of listing, in April 2011, the principal assets of the company were in Boliva and Ghana but our focus is now on Peru,'' he added.