REG - Clontarf Energy PLC - Update on Peruvian Operations <Origin Href="QuoteRef">CLON.L</Origin>

Clontarf EnergyAnnouncement

16/07/2015 11:54

RNS Number : 7304Q
Clontarf Energy PLC
22 June 2015
 
22nd June 2015

Clontarf Energy plc
("Clontarf" or "the Company")
Update on Peruvian Operations
Clontarf Energy plc holds a 3% over-riding royalty in Peruvian Block 183 in the central Peruvian forested foothills. This 3% over-riding royalty is capped at US$5 million per oil and / or gas discovery and US$10 million in total. This block was won by Clontarf Energy's Peruvian subsidiary in the 2010 bid round, signed in 2011 and farmed out to Peru Oil & Gas Exploration Limited ("POGEL") in August 2013. We are pleased to report that POGEL has now attracted a leading partner to further exploration of the block and development of any commercial oil or gas discoveries.
Union Oil and Gas Group ("UOGG"), a subsidiary of Union Group, a privately held company that invests in natural resources and infrastructure in Latin America, has acquired control of 80% of Hydrocarbon Exploration Peru Ltd ("HEPL"), a British company which owns 100% of Peruvian onshore oil and gas Block 183 in the Maraon Basin.
UOGG now has the principal role in all technical decisions regarding HEPL, a qualified exploration and production company that is qualified by the Peruvian authority Perupetro, and its asset Block 183.
The Block contains up to 2.2 TCF of whole recoverable potential gas reserves and a high probability of C5 condensates. It has two oil and gas prospects in anticlines associated with the Sarayaquillo sandstones (Chipurana and Alfaro) located in the Maran Basin, which has produced oil and gas since the 1940s, close to the border of the Ucayali Basin.
The block covers 396,826 hectares, has good transport infrastructure and is located next to two oil fields and one gas field in adjacent blocks.
Union Group is a privately owned investment holding company specialised in natural resources and infrastructure investments in high growth, underinvested Latin American countries. In Peru, Union Group is also developing a hydropower portfolio of close to 1,000 MW of combined capacity. Among Union Group's investors are North American, European and Asian institutions, including Dundee Corporation, which since 2013 owns 40 per cent of Union Group. Union Group has an estimated combined value of approximately US$1 billion.


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
David Hignell / Gerry Beaney +44 (0)20 7382 1100
John Howes / Mark Treharne (Broking) 
Public Relations
Blytheweigh+44 (0)20 7138 3204
Tim Blythe +44 (0) 7816 924 626
Halimah Hussain +44 (0) 7725 978 141
Camilla Horsfall +44 (0) 7871 841 793
PSG Plus
Aoife Ross +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055

This information is provided by RNS
The company news service from the London Stock Exchange
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