.6 Jun 2017 11:30
ONDON (Alliance News) - Shares in Clontarf Energy PLC jumped on Tuesday after it said it was awarded Block 18, offshore Equatorial Guinea, in a recent bidding round.
Shares in Clontarf were more than doubled on AIM to 0.738 pence Tuesday following the announcement.
Clontarf said the block covers around 5,056 kilometres squared of undrilled deep-water acreage, and it will focus on large structural and or stratigraphic trap targets.
Under the bid terms, Clontarf will take a 70% stake in production interest, and a 65% stake in oil cost recovery.
An initial work programme will be for three years, although extendible, including seismic acquisition plus one well if drillable targets are identified.
"Clontarf has long been interested in Equatorial Guinea's deep-water potential, which is among some of the most prospective in West Africa. EG-18 is part of the Northern Rio Muni Basin, which Clontarf has analysed. Our initial interest is in diverse Cretaceous sands plays, particularly a distal fan and turbidite channels visible on historic seismic," said Director David Horgan in a statement.