Business
Award of Offshore Acreage in Equatorial Guinea
Award of Offshore Acreage in Equatorial Guinea.
About this update from Clontarf Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2639H Clontarf Energy PLC 06 June 2017 \n\n \n \n6th June 2017\n\n\n\n \nClontarf Energy plc\n(\"Clontarf\" or \"the Company\")\n \nAward of Offshore Acreage in Equatorial Guinea\n \n \nThe directors of Clontarf Energy (AIM: CLON) are pleased to announce that Clontarf Energy has been awarded Block 18 (EG-18) in the Equatorial Guinea 2017 Bid Round.\n \nBlock 18 covers approximately 5,056 km2 of undrilled deep water acreage with several play types. Clontarf Energy's focus will be on working on large structural and / or stratigraphic trap targets.\n \nThe bid terms include Clontarf Energy with 70% of production interest, 65% oil cost recovery, a $150,000 signature bonus, standard commerciality and production bonuses, normal land taxes.\n \nThe production royalty is a standard 13%, rising to 16% on production over 100,000 barrels of oil daily.\n \nThe contractor interest starts at 80% through the first 40 million barrels of oil production, and falls according to a standard formula until output reaches 200 million barrels.\n \nThe initial work programme is 3 years (extendible) to include seismic acquisition plus one well if drilla...