LONDON (SHARECAST) - 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.
"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".