REG - Clontarf Energy PLC - Union Oil Relinquish Block 183 in Peru <Origin Href="QuoteRef">CLON.L</Origin>
RNS Number : 8333RClontarf Energy PLC26 September 2017
26th 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.comor contact:
Clontarf Energy plc
John Teeling, Chairman
+353 (0) 1 833 2833
David Horgan, Director
Nominated Adviser and Broker
Northland Capital Partners Limited
Tom Price / Gerry Beaney (Corporate Finance)
+44 (0) 20 3861 6625
John Howes / Bonnie Hughes (Broking)
Public Relations
Blytheweigh
+44 (0) 207 138 3204
Nick Elwes
+44 (0) 783 185 1855
Camilla Horsfall
+44 (0) 787 184 1793
Teneo PSG
Luke Hogg
+353 (0) 1 661 4055
Alan Tyrrell
+353 (0) 1 661 4055
This information is provided by RNSThe company news service from the London Stock ExchangeENDSTRMMGZLLVDGNZG
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