Last checked at 13 Oct 2014 07:00
13 October 2014
Clontarf Energy plc
("Clontarf" or "the Company")
Update on Ghana Legal Proceedings
The board of Clontarf Energy plc are pleased to report that an agreement has been reached with the Ghanaian authorities on the specific revised co-ordinates of the signed Petroleum Agreement on a licence Block in the Tano area of Ghana. This solution is satisfactory for the Company and brings the Company's interests in acreage closer to existing discoveries. As announced in July 2014, it was agreed that additional, contiguous acreage will be added to preserve the size of the Block, and a revised Activity Map has been circulated. The agreement is between Pan Andean Resources Ltd (60% Clontarf, 30% Petrel Resources plc, 10% local interests) the Ghana National Petroleum Corporation and the Government of Ghana.
All parties have committed themselves to, and are acting to complete, the ratification process in accordance with law, which requires Cabinet and Parliamentary approval.
Accordingly, Pan Andean Resources Ltd has not reapplied to the High Court for further equitable relief but retains its right to reapply should it prove necessary.
ENDS
For further information please visit http://clontarfenergy.com or contact:
Clontarf Energy plc
John Teeling, Chairman +353 (0) 1 833 2833
James Finn, Director
Nominated Adviser and Broker
Northland Capital Partners Limited
Gavin Burnell / Lauren Kettle +44 (0)20 7382 1100
John Howes / Alice Lane (Broking)
Public Relations
Blytheweigh +44 (0)20 7138 3204
Tim Blythe +44 (0) 7816 924 626
Halimah Hussain +44 (0) 7725 978 141
Camilla Horsfall +44 (0) 7871 841 793
Pembroke Communications
Natalie Tennyson +353 (0) 1 649 6486
Alan Tyrrell +353 (0) 1 649 6486