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LONDON (Alliance News) - Petrel Resources PLC Thursday said that Chairman John Teeling will be managing its day-to-day operations for the time being, with Managing Director David Horgan stepping aside from his role to focus on bringing the company's Ghanaian dispute to a successful conclusion.
Last month, 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, which might overlap with a portion of the rights the two companies have on the block, had apparently been ratified.
Clontarf has a 60% interest in the block and Petrel a 30% interest. The companies are seeking confirmation that the rival ratification does not impose on the area covered by the block.
Petrel Resources shares last traded at 9.5 pence.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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