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Clontarf Energy secures exploration licences in Peru

Clontarf Energy has confirmed that it won two licences for hydrocarbon exploration onshore Peru.

File photo of an oil rig.
File photo of an oil rig.
Image: Ken Hodge via Flickr

EMERGING OIL AND gas exploration and production company Clontarf Energy has secured two exploration licences in Peru.

The firm – which was formed by a merger between Hydrocarbon Exploration and Persian Gold – says it is now actively pursuing projects in Bolivia and Ghana, as well as Peru.

This week, the AIM-listed company announced the acquisition of two onshore hydrocarbon exploration licences in Peru.

The licences, originally awarded in the October 2010 tender round,  were approved by Supreme Decree during the summer and signed at a ceremony in Lima yesterday by the President of the State Oil Company, Perupetro.

The two blocks contain 595,809 and 396,826 hectares of prospective ground respectively. The first is located close to the Camisea producing field which holds about 16 trillion cubic feet of gas and 400 million barrels of condensate.

The second block is located in the Maranon Basin which has been productive since the 1940s.

In an interim trading statement, Clontarf Energy confirmed it had raised £2.7 million when it listed.

Commenting, chairman John Teeling said, “This is a challenging time for exploration ventures and financial markets generally. We successfully raised money and listed Clontarf Energy during a period when equity financing was difficult to obtain. Clontarf is funded for all immediate needs. I am confident that the patience of shareholders will be well rewarded. The signing of the Peruvian blocks is a significant milestone and is the first of what I hope will be a series of positive announcements.”

In the six months to June 30, the firm recorded a loss before taxation of €691,000. Shares were trading up at 3.90p today.

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