Clontarf Provides Update on Peruvian Operations

Source: www.gulfoilandgas.com 6/22/2015, Location: South America

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 Maranon 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?n 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.


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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