Update on Peru

RNS Number : 3686P

Clontarf Energy PLC

24 October 2012

 



24 October 2012

Clontarf Energy plc

("Clontarf" or "the Company")

Update on Peru

Petrominerales of Canada announced on 22^nd October that they had made a light-oil discovery in two zones of their Sheshea-1X well on Block 126 some 70kms northwest of Clontarf Energy's Block 188 in Peru. This discovery is encouraging and relevant for our exploration efforts as Clontarf believes that the oil discovery bearing structures, namely the Chonta and Agua Caliente formations in Block 126 are also present in Block 188.  The 1999 Panguana well on Block 188 had oil shows from the Chonta formation.

David Horgan, Managing Director commented:  "We have been a long term believer in the potential of the southern Ucayali Basin.  This belief is now vindicated by the Petrominerales discovery.  This was the play our management team pursued when we previously acquired neighbouring Blocks 114 and 131 - which were subsequently sold to Petrominerales in 2010.  It was also the logic behind Clontarf Energy's acquisition of Block 188 in 2011.  The discoveries are one of four petroleum systems present in Block 188.  Continuing exploration success in this part of Peru, allied to competitive fiscal terms, strengthen the attractions of investing in Peru".

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

Clontarf Energy plc

John Teeling, Chairman                                                                                        [phone]

David Horgan, Managing Director

James Finn, Finance Director

Nominated Adviser and Joint Broker

Shore Capital

Pascal Keane/Toby Gibbs, Corporate Finance                                            [phone]

Jerry Keen, Corporate Broking

Joint Broker

Optiva Securities Limited

Jeremy King                                                                                                              [phone]

Jason Robertson                                                                                                      [phone]

Public Relations

Blythe Weigh Communication                                                                          [phone]

Tim Blythe                                                                                                                 [phone]

Robert Kellner                                                                                                         [phone]

Pembroke Communications

David O'Siochain                                                                                                     [phone]

 

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