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
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
