19th September 2016
Petrel Resources plc
("Petrel" or the "Company")
Ghanaian Tano Basin acreage negotiations
The directors of Petrel (AIM: PET) are pleased to advise shareholders that, further to our announcement of 7th September 2016, Petrel and its partners have been offered revised Tano Basin acreage coordinates by Ghanaian officials, which we have accepted in principle.
Negotiations to formalise a revised Petroleum Agreement between the Company and Ghanaian officials will continue as agreement has yet to be reached on certain matters.
The Company's directors look forward to providing shareholders with further updates, including specific geological information relating to the new acreage coordinates, as negotiations progress.
At present no assurances can be given that these negotiations will lead to a successful outcome for the Company or that a formal agreement will be reached.
Our Ghanaian affiliated company, Pan Andean Resources (Ghana) Limited, is a private Ghanaian company held 30% by Petrel Resources, 60% by Clontarf and 10% by local Ghana interests.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please visit http://www.petrelresources.com/ or contact:
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)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
Nick Elwes +44 (0) 7831 851 855
Colm Heatley +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
This information is provided by RNS