From 7am Petrel RNS25 Sep 2018 08:06
Ghanaian Tano 2A Petroleum Agreement
The Company announced on 17 September 2018 that the Directors believed that all outstanding issues had been resolved with the Ghanaian National Petroleum Commission ("GNPC") on our Tano 2A Block. The signed Petroleum Agreement is now being sent to the Cabinet and all legal proceedings have been withdrawn.
After a period of slow progress, Ghana's current NPP Government has galvanised the licensing effort. The administration is pro-development, and actively reviewing historic Petroleum Agreements, with stated focus on early exploration, discoveries and output. During 2018, the Ghanaian Ministry of Energy and the GNPC considered the current re-application by Pan Andean Resources Ltd (30% Petrel, 60% Clontarf Energy, 10% local interests) over the original Tano 2A licence block acreage in the prospective Tano Basin, West Africa.
There is a mutual desire to complete the ratification process. Our strong preference is to honour as far as possible the terms of the existing signed Petroleum Agreement, adjusting the revised co-ordinates if necessary.