Source - LSE Regulatory
RNS Number : 5762M
Petrel Resources PLC
17 July 2014
 



 

 

 

 

 

                                                                                            

 

17 July 2014

 

 

Petrel Resources plc

("Petrel" or the "Company")

 

Update on Ghana Legal Proceedings

 

The board of Petrel are pleased to report that an agreement has been reached with the Ghanaian authorities which clarifies the co-ordinates of the signed Petroleum Agreement on a licence Block in the Tano area of Ghana.  It was agreed that additional, contiguous acreage would be added to preserve the size of the Block.  The agreement is between Pan Andean Resources Ltd (60% Clontarf, 30% Petrel, 10% local interests) the Ghana National Petroleum Corporation and the Government of Ghana.  All parties agreed to seek to expedite the ratification process which requires Cabinet and Parliamentary approval.

 

As a consequence of this, Petrel has discontinued its High Court proceedings with rights to reapply.

 

ENDS

 

Enquiries:

 

Petrel Resources Plc

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

David Horgan, Director                                                                                                                  +353 (0)1 833 2833

 

Northland Capital Partners Limited

Nominated Adviser and Broker                                                                                                 + 44 (0)20 7382 1100

Edward Hutton / Gavin Burnell / Lauren Kettle

John Howes / Alice Lane (Broking)                                                                                          

 

Blytheweigh                                                                                                                                       +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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