Source - LSE Regulatory
RNS Number : 3167E
Petrel Resources PLC
08 April 2014
 



8 April 2014

Petrel Resources plc

("Petrel" or the "Company")

 

Interlocutory Injunction Granted

 

Further to the announcement of 25 March 2014, Petrel Resources plc, the AIM listed Oil Explorer, is pleased to report that the High Court of Ghana has granted its application for an interlocutory injunction and also an interim order for the protection of its property rights in respect the Ghana Tano 2A Block ("Tano 2A Block").  Petrel Resources plc holds an indirect 30 per cent. interest in the Tano 2A Block pursuant to a Petroleum Agreement dated March 2010 (the "Tano 2A Petroleum Agreement"). Petrel is currently awaiting ratification of the Tano 2A Petroleum Agreement by the Ghanaian Cabinet and Parliament.

 

The application for an interlocutory injunction became necessary following media reports that there had been a "ratification" of a rival application that may overlap a portion of the Tano 2A Block.  Petrel has sought confirmation from the Ghanaian authorities that this ratification does not relate to any area covered by the Tano 2A Block.  Petrel Resources plc will continue to enforce its rights under the Tano 2A Petroleum Agreement. As a precautionary measure Petrel instructed its lawyers to seek injunctive relief to prevent the purported award of any part of the Tano 2A Block to a third party.  We are pleased to report that the High Court granted our application.

 

Petrel has a carrying value of €630,000 in relation to its Ghanaian interest.

 

                                                                                         

ENDS

 

Enquiries:

 

Petrel Resources Plc

David Horgan, Managing Director                                                              +353 (0) 87 292 3500

John Teeling, Executive Chairman                                                              +353 (0)1 833 2833

 

Northland Capital Partners Limited

John Howes / Alice Lane                                                                              + 44 (0)20 7382 1100

Edward Hutton / Gavin Burnell / Lauren Kettle                                          

 

Blythe Weigh Communications                                                                    +44 (0) 207 138 3204

Tim Blythe                                                                                                       +44 (0) 781 692 4626

Eleanor Parry                                                                                                 +44 (0) 755 129 3620

Halimah Hussain                                                                                           +44 (0) 772 597 8141

 

Pembroke Communications

Natalie Tennyson                                                                                           +353 (0) 1 649 6340

 

 

 

www.petrelresources.com

 

 

 

 

 

 


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