Clontarf Energy, an AIM-listed mining company, got a boost on Wednesday after Petrominerales of Canada announced that it made a light-oil discovery in two zones of their Sheshea-1X well, which is about 70kms northwest of Clontarf's Energy Block 188, in Peru.
It described the discovery as "encouraging and relevant for our exploration efforts" as the firm believes that the oil discovery bearing structures [...] are also present in Block 188".
David Horgan, Managing Director said: "We have been a long term believer in the potential of the southern Ucayali Basin. This belief is now vindicated by the Petrominerales discovery. This was the play our management team pursued when we previously acquired neighbouring Blocks 114 and 131 - which were subsequently sold to Petrominerales in 2010.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"It was also the logic behind Clontarf Energy's acquisition of Block 188 in 2011. The discoveries are one of four petroleum systems present in Block 188. Continuing exploration success in this part of Peru, allied to competitive fiscal terms, strengthen the attractions of investing in Peru".
NR
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
