12th October 2016
Petrel Resources plc
("Petrel" or "the Company")
Proposed Work Programme at Tano Acreage in Ghana
The Directors of Petrel (AIM: PET) are pleased to announce that, further to the announcement of 19th September 2016, a proposed work programme on the Tano acreage offshore Ghana has been submitted to the Ghanaian authorities in Accra. The new work programme will form part of the ongoing negotiations regarding the terms of acquiring an exploration licence for the Tano Basin acreage.
The Company's directors look forward to providing shareholders with further updates, including specific geological information relating to the new acreage (which is also subject to final agreement) coordinates and the subsequent exploration plans, as negotiations progress.
At present, no assurances can be given that the ongoing negotiations will lead to a successful outcome for the Company.
Petrel's 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.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please visit http://www.petrelresources.com/ or contact:
Petrel Resources Plc
John Teeling, Chairman +353 (0) 1 833 2833
David Horgan, Director
Nominated Adviser and Broker
Northland Capital Partners Limited
Edward Hutton / Gerry Beaney +44 (0)203 861 6625
John Howes (Broking)
Blytheweigh +44 (0)20 7138 3204
Tim Blythe +44 (0) 7816 924 626
Camilla Horsfall +44 (0) 7871 841 793
Nick Elwes +44 (0) 7831 851 855
Colm Heatley +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
This information is provided by RNS