1 Clontarf Energy An emerging E&P company focused on Africa and South America – with US Gulf of Mexico income November/December 2010

2 DISCLAIMER The content of information contained in this Presentation has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (“FSMA”). Reliance upon this Presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. If any person is in any doubt as to the contents of this Presentation, they should seek independent advice from a person who is authorised for the purposes of FSMA and who specialises in advising in investments of this kind. This Presentation is being supplied to you solely for your information. While the information contained herein has been prepared in good faith, neither Persian Gold plc (to be renamed Clontarf Energy plc) (“Company”) nor its shareholders, directors, officers, agents, employees or advisers give, has given or has authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers and liability therefore is expressly disclaimed. This Presentation does not constitute, or form part of, an admission document, listing particulars or a prospectus relating to the Company, nor does it constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company nor shall it or any part of it, or the fact of its distribution, form the basis of, or be relied upon in connection with, or act as any inducement to enter into any contract therefore. Recipients of this Presentation who decide to subscribe for, or purchase, ordinary shares in the Company following the publication of the final document relating to the proposed Admission (the “Admission Document”) are reminded that any application so to subscribe for or purchase may only be made on the basis of the information contained in the Admission Document which may be different from the information contained in this Presentation and will contain additional information. No reliance may be placed for any purpose whatsoever on the information contained in this Presentation or on its completeness, accuracy or fairness thereof, nor is any responsibility accepted for any errors, misstatements in, or omission from, this Presentation or any direct or consequential loss however arising from any use of, or reliance on, this Presentation or otherwise in connection with it. By accepting this Presentation you confirm, represent and warrant that you have consented to receive inside information (as defined in the Criminal Justice Act 1993 and the Financial Services and Markets Act 2000 (as amended) (the “Acts”)), and you agree not to deal in any securities of the Company until such time as such inside information has been made public and until such time that the Placing has been publicly announced by the Company or the Company decides not to proceed with the Placing. This Presentation may not be reproduced or redistributed, in whole or in part, to any other person, or published, in whole or in part, for any purpose without the prior consent of the Company. The contents of this Presentation are confidential and are subject to updating, completion, revision, further verification and amendment without notice. The Presentation is being distributed on request only to, and is directed at, authorised persons or exempt persons within the meaning of FSMA or any order made thereunder or to those persons falling within the following articles of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Financial Promotion Order”): Investment Professionals (as defined in Article 19(5)) and High Net Worth Companies (as defined in Article 49(2)). Persons who do not fall within any of these definitions should not rely on this Presentation nor take any action upon it but should return it immediately to the Company. This Presentation is exempt from the general restriction in section 21 of FSMA relating to the communication of invitations or inducements to engage in investment activity on the grounds that it is made only to certain categories of persons.

3 DISCLAIMER Neither this Presentation nor any copy of it should be distributed, directly or indirectly, by any means (including electronic transmission) to any persons with addresses in the United States of America (or any of its territories or possessions) (together, the “US”), Canada, Japan, Australia, the Republic of South Africa or the Republic of Ireland, or to any corporation, partnership or other entity created or organised under the laws thereof, or in any other country outside the United Kingdom where such distribution may lead to a breach of any legal or regulatory requirement. The recipients should inform themselves about and observe any such requirements or relationship. The Company’s ordinary shares have not been, and are not expected to be, registered under the United States Securities Act 1933, as amended, (the “US Securities Act”) or under the securities laws of any other jurisdiction, and are not being offered or sold, directly or indirectly, within or into the US, Canada, Japan, Australia, the Republic of South Africa or the Republic of Ireland or to, or for the account or benefit of, any US persons or any national, citizen or resident of the US, Canada, Japan, Australia, the Republic of South Africa or the Republic of Ireland, unless such offer or sale would qualify for an exemption from registration under the US Securities Act and/or any other applicable securities laws. Forward-looking Statements This Presentation or documents referred to in it contain forward-looking statements. These statements relate to the future prospects developments and business strategies of the Company and its subsidiaries (the “Group”). Forward-looking statements are identified by the use of such terms as “believe”, “could”, “envisage”, “estimate”, “potential”, “intend”, “may”, “plan”, “will” or the negative of those, variations or comparable expressions, including references to assumptions. The forward-looking statements contained in this Presentation are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. If one or more of these risks or uncertainties materialises, or if underlying assumptions prove incorrect, the Group’s actual results may vary materially from those expected, estimated or projected. Given these risks and uncertainties, potential investors should not place any reliance on forward-looking statements. These forward- looking statements speak only as at the date of this Presentation. No undertaking, representation, warranty or other assurance, expressed or implied, is made or given by or on behalf of the Company, any of their respective directors, officers, partners, employees or advisers or any other person as to the accuracy or the completeness of the information or opinions contained herein and to the extent permitted by law no responsibility or liability is accepted by any of them for any such information or opinions. Notwithstanding the aforesaid, nothing in this paragraph shall exclude liability for any representation or warranty made fraudulently.

4 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

5 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

6 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

7 Why Africa & Latin America for oil/gas?  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  Source: Bernstein  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 Latin AmericaAfrica

8 Ghana sweet-spot beside Tullow: Offshore/Onshore Tano Block The concession was awarded to ‘Pan Andean Resources Limited’ (Ghana co.): Its Ownership: 60% Clontarf Energy (including 30% in Hydrocarbon Exploration plc) 30% Petrel Resources 10% Ghanaian interests 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

9 Ghana terms are comparable to Peru & Colombia: Approximate government take Source: Bernstein Select countries of interest in the region World Average Colombia, Peru  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

10 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

11 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)

12 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

13 USA Portfolio of Assets – Production  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 High Island 30

14 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

15 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: £300,000 for bonds and initial data review  Bolivia: £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.

16 Anticipated Timetable  Roadshow 22 Nov – 6 Dec  Indications of Interest8 Dec  First Court Hearing & AnnouncementW/C Dec / Jan  Shareholder MeetingsW/C end Jan  Final Court Hearing & Admission to AIMW/C end Jan / Feb

17 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 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 Jim Finn – Finance Director 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).

18 Current Status & deal background: Persian Gold (Clontarf Energy)Hydrocarbon Exploration StatusAIMUnlisted PLC Shares75mm25,000 Price at suspension6.75p£125 Mkt cap (£mm) Shareholders6001,300 Directors/Mgmt40%11% Assets30% Tano 2A Block30% Tano 2A, Ghana Gold/Copper Concessions10% El Dorado gas field, in Iran Bolivia 6% of Hydrocarbon Exploration30% Monteagudo oil/gas field, Bolivia US Gulf of Mexico / Texas royalties

19 Contact Details Clontarf Energy Plc 162 Clontarf Road Dublin 3 Ireland Phone: Fax:  www. clontarfenergy.com