13 October 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 on the specific revised co-ordinates of the signed Petroleum Agreement on a licence Block in the Tano area of Ghana. This solution is satisfactory for the Company and brings the Company's interests in acreage closer to existing discoveries. As announced in July 2014, it was agreed that additional, contiguous acreage will be added to preserve the size of the Block, and a revised Activity Map has been circulated. The agreement is between Pan Andean Resources Ltd (60% Clontarf Energy plc, 30% Petrel Resources plc, 10% local interests) the Ghana National Petroleum Corporation and the Government of Ghana.
All parties have committed themselves to, and are acting to complete, the ratification process in accordance with law, which requires Cabinet and Parliamentary approval.
Accordingly, Pan Andean Resources Ltd has not reapplied to the High Court for further equitable relief but retains its right to reapply should it prove necessary.
Petrel Resources Plc
John Teeling, Executive Chairman +353 (0)1 833 2833
David Horgan, Director
Nominated Adviser and Broker
Northland Capital Partners Limited
Edward Hutton / Gavin Burnell
John Howes / Alice Lane (Broking) +44 (0)20 7382 1100
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
Natalie Tennyson +353 (0) 1 649 6340
This information is provided by RNS