Petrel Resources and its partners have been offered revised Tano Basin acreage coordinates by Ghanaian officials, which they have accepted in principle.
Negotiations to formalise a revised Petroleum Agreement between the Company and Ghanaian officials will continue as agreement has yet to be reached on certain matters.
The Company's directors look forward to providing shareholders with further updates, including specific geological information relating to the new acreage coordinates, as negotiations progress.
At present no assurances can be given that these negotiations will lead to a successful outcome for the Company or that a formal agreement will be reached.
"Our Ghanaian affiliated company, Pan Andean Resources (Ghana) Limited, is a private Ghanaian company held 30% by Petrel Resources, 60% by Clontarf and 10% by local Ghana interests," Petrel said in a statement.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
At 9:16am: (LON:PET) Petrel Resources PLC share price was +0.75p at 7.88p