28th July 2015
Petrel Resources plc
("Petrel" or the "Company")
Update on Tano Offshore Licence, Ghana
The board of Petrel Resources wish to announce that they have agreed with the Ghanaian authorities that Pan Andean Resources Ltd ("Pan Andean"), the Company's local affiliate (30% Petrel, 60% Clontarf, 10% Locals), will reapply for an exploration licence over 1,500 plus sq km of acreage in the Tano Basin offshore Ghana.
This agreement follows protracted discussions on how best to implement the terms of a court approved settlement relating to a signed 2010 Petroleum Agreement which had not been approved by the Ghanaian cabinet or parliament. Revised co-ordinates over the area were agreed by the parties concerned in October 2014.
The Ghanaian Ministry of Energy has now invited Pan Andean to submit a fresh application over the agreed co-ordinates. Pan Andean has been given assurances that this fresh application will be expeditiously processed through the approvals process. Following legal advice Pan Andean is proceeding in accordance with these assurances to submit a fresh application.
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)20 7382 1100
John Howes/Mark Treharne (Broking)
Blytheweigh +44 (0)20 7138 3204
Tim Blythe +44 (0) 7816 924 626
Halimah Hussain +44 (0) 7725 978 141
Camilla Horsfall +44 (0) 7871 841 793
Aoife Ross +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
This information is provided by RNS