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LONDON (Alliance News) - Shares in Clontarf Energy PLC and Petrel Resources PLC jumped on Monday as the companies said they resolved legacy issues with the Ghana National Petroleum Corp regarding a contract for the development of the Tano 2A Block.
Clontarf shares more than doubled following the news, to 0.43 pence each, while Petrel shares were up 22% at 2.37p.
The legacy issues at the Tano 2A go back about 10 years and involve co-ordinates of an area covered by a petroleum agreement that was not approved by the Ghanaian cabinet or parliament.
As a result of the resolution, all legal proceedings have been withdrawn, and the companies expect the petroleum agreement to be sent to cabinet for review.
Petrel owns a 30% in Pan Andean Resources (Ghana) Ltd, the private Ghanaian company which holds the Tano 2A Block, while Clontarf has a 60% interest. The remaining 10% is held by local Ghanaian interests.