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LONDON (Alliance News) - Clontarf Energy PLC said Monday that a leading partner has now been attracted for further exploration of the Peruvian Block 183, in which it has a 3% over-riding royalty.
Clontarf's over-rising royalty is capped at USD5 million per oil and or gas discovery, and USD10 million in total. The block was won by its Peruvian subsidiary in 2010, and farmed out to Peru Oil & Gas Exploration Ltd in 2013.
Union Oil & Gas Group has bought control of 80% of Hydrocarbon Exploration Peru Ltd, which owns 100% of Block 183.
Shares in Clontarf are untraded Monday morning, it last closed at 0.401 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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