Business
Union Oil Relinquish Block 183 in Peru
Union Oil Relinquish Block 183 in Peru.
About this update from Clontarf Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8333R Clontarf Energy PLC 26 September 2017 \n\n \n \n26th September 2017\n \nClontarf Energy plc\n(\"Clontarf\" or \"the Company\")\n \nUnion Oil Relinquish Block 183 in Peru\n \nThe 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.\n \nClontarf 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. \n \nThis announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.\n \n \nENDS\n \nFor further information please visit http://clontarfenergy.com or contact:\n \n\n\n\n\nClontarf Energy plc\n\n\n\n\n\n\n\nJohn Te...