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LONDON (Alliance News) - Shares in Clontarf Energy PLC and Petrel Resources PLC plummeted Tuesday after the two companies said they are currently awaiting ratification of the Tano 2A Petroleum Agreement by the Ghanaian Cabinet and Parliament.
In two separate but similar statements, both companies said that they have noted recent press reports and associated speculation regarding the ratification by the Ghanaian Parliament of a petroleum agreement for the exploration of oil in a Tano Basin shallow water block.
AIM-listed oil explorer Clontarf Energy, which holds a 60% interest in the Ghana Tano 2A block, and Petrel Resources which holds an indirect 30% interest in the Ghana Tano 2A block, both said that they are currently awaiting ratification of the Tano 2A Petroleum Agreement by the Ghanaian Cabinet and Parliament.
Petrel has a carrying value of EUR630,000 in relation to its Ghanaian interest.
Both companies said that they have grounds to believe that the Ratification may relate to a portion of the Tano 2A Block, and they are urgently seeking clarification from the Ghanaian authorities that the Ratification does not relate to an area covered by the Tano 2A Block.
Both Clontarf Energy and Petrel Resources said that as a precautionary measure, they have instructed their lawyers to seek injunctive relief to prevent the award of any part of the Tano 2A Block to a third party.
Shares in Clontarf Energy dropped 25.6% to 0.800 pence to the bottom of the AIM market, while shares in Petrel fell 11.4% to 11.30 pence, one of the biggest losers on the market.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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