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 believe they have on the block, had apparently 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 a separate statement Thursday, Clontarf said the Ghanaian government had indeed granted a licence to a US company over part of what Clontarf and Petrel believe to be the area covered in their Block Tano 2A agreement.
"We believe that we have substantial rights in Ghana, a belief bolstered by the decision of the High Court in Ghana granting an injunction. Our advice is that no further lawful action can take place by any of the parties put on notice until the issue is resolved. The company intends to enforce its rights in relation to its Ghanaian licence," Clontarf said in its statement.
Petrel Resources shares last traded at 9.5 pence.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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Petrel Resources (PET)
Clontarf (CLON)