Last checked at 26 Sep 2017 10:16
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.com or contact:
Clontarf Energy plc | |
John Teeling, Chairman | +353 (0) 1 833 2833 |
David Horgan, Director | |
Nominated Adviser and Broker | |
Northland Capital Partners Limited | |
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Luke Hogg | +353 (0) 1 661 4055 |
Alan Tyrrell | +353 (0) 1 661 4055 |