22nd June 2016
Petrel Resources plc
("Petrel" or "the Company")
The directors of Petrel (AIM: PET) wish to advise shareholders that Petrel and its partners have been informed by the Ghanaian Ministry of Petroleum (the "Ministry") that the Ministry is available for negotiations on our proposals for amended coordinates of the Tano Basin block which Petrel first became interested in in 2010.
The Ministry has reviewed our entire proposal and accordingly advised us that the Block named "Lukoil B" is available for negotiations. We will confirm our interest and follow up on this prospective acreage. Further announcements will be made as soon as practicable.
This new acreage is an offshore block in deeper water than the Tano 2A block which has been the subject of ongoing discussions for many years. Our Ghanaian affiliated company, Pan Andean Resources (Ghana) Limited, is a private Ghanaian company held 30% by Petrel Resources, 60% by Clontarf Energy, and 10% local Ghana interests.
For further information please visit http://www.petrelresources.com or contact:
Petrel Resources Plc
David Horgan, Director +353 (0) 1 833 2833
Nominated Adviser and Broker
Northland Capital Partners Limited
Edward Hutton / Gerry Beaney +44 (0)203 861 6625
John Howes (Broking)
Blytheweigh +44 (0)20 7138 3204
Tim Blythe +44 (0) 7816 924 626
Camilla Horsfall +44 (0) 7871 841 793
Megan Ray +44 (0) 7515 857 619
Colm Heatley +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
This information is provided by RNS