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.
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
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Natalie Tennyson +353 (0) 1 649 6340
This information is provided by RNS