Union Oil Relinquish Block 183 in Peru

RNS Number : 8333R

Clontarf Energy PLC

26 September 2017

 

26^th September 2017

Clontarf Energy plc

("Clontarf" or "the Company")

Union Oil Relinquish Block 183 in Peru

The board of Clontarf Energy (AIM: CLON) have been informed that Union Oil (the 80% owner of the concession) have returned to the Peruvian Authorities the licence held on Block 183.  They gave as their reason an inability over a 3 year period to obtain the permits, particularly environmental permits, necessary to explore.

Clontarf held a 3% royalty on revenue arising from future operations on the Block.  Clontarf will not incur any liabilities as a result of Union Oil's decision but will write off the carrying value of the asset in the financial statements for the year ending 31 December 2017.  Block 183 has not been the principal focus of the Company's activities in recent years. 

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

ENDS

For further information please visit http://clontarfenergy.com or contact:

Clontarf Energy plc
John Teeling, Chairman	[phone]
David Horgan, Director
Nominated Adviser and Broker
Northland Capital Partners Limited
Tom Price / Gerry Beaney (Corporate Finance)	[phone]
John Howes / Bonnie Hughes (Broking)
Public Relations
Blytheweigh	[phone]
Nick Elwes	[phone]
Camilla Horsfall	[phone]
Teneo PSG
Luke Hogg	[phone]
Alan Tyrrell	[phone]

 

END

 

 

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