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LONDON (Alliance News) - Clontarf Energy PLC Monday said that adjourned court proceedings over its Tano 2A licence in Ghana have been temporarily adjourned and will be heard again on July 7.
In April, Petrel Resources and Clontarf Energy PLC were granted an injunction in the High Court of Ghana protecting their rights to an exploration block, known as the Ghana Tano 2A block, in shallow water offshore Ghana.
They sought the injunction after discovering that a rival rights application by Pan Andean Resources Ltd, which might overlap with a portion of the rights the two companies believe they have on the block, had been ratified.
Clontarf has a 60% interest in the block and Petrel a 30% interest. The companies were seeking confirmation that the rival ratification did not impose on the area covered by the block.
In May, Petrel's Managing Director David Horgan stepped aside from his role to focus on bringing the company's Ghanaian dispute to a successful conclusion.
Clontarf's Chairman John Teeling will also say in a statement on Monday at the company's annual general meeting that the licence holder of its part owned block 183 in Peru, Peru Oil and Gas Exploration Ltd, expects to appoint an operator shortly to undertake an exploration programme on the site.
Clontarf holds a 3% royalty interest capped at GBP10 million for the site, which plans to supply gas to a power plant in the area to be built by Ruralec, a company which is connected to POGEL.
Teeling will also say that the board continues to evaluate new projects, new directors and new sources of finance.
Clontarf Energy shares were down 22% to 1.05 pence, putting it amongst the top three AIM All-Share fallers on Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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