Last checked at 25 Mar 2014 13:00
25 March 2014
Petrel Resources plc
("Petrel" or the "Company")
Press reports regarding Ghana licence ratifications
Petrel Resources plc notes recent press reports and associated speculation regarding the ratification by the Ghanaian Parliament of a petroleum agreement for the exploration of oil in a Tano Basin shallow water block (the "Ratification"). The Company holds an indirect 30 per cent. interest in the Ghana Tano 2A Block ("Tano 2A Block") pursuant to a petroleum agreement dated March 2010 (the "Tano 2A Petroleum Agreement"). Petrel is currently awaiting ratification of the Tano 2A Petroleum Agreement by the Ghanaian Cabinet and Parliament.
The Company has grounds to believe that the Ratification may relate to a portion of the Tano 2A Block. Petrel is urgently seeking clarification from the Ghanaian authorities that the Ratification does not relate to an area covered by the Tano 2A Block. The Company will seek to enforce its rights under the Tano 2A Petroleum Agreement. As a precautionary measure Petrel has instructed its lawyers to seek injunctive relief to prevent the award of any part of the Tano 2A Block to a third party. Further announcements will be made in due course.
Petrel has a carrying value of €630,000 in relation to its Ghanaian interest.
ENDS
Enquiries:
Petrel Resources Plc
David Horgan, Managing Director +353 (0) 87 292 3500
Northland Capital Partners Limited
John Howes / Alice Lane + 44 (0)20 7382 1100
Edward Hutton / Gavin Burnell / Lauren Kettle
Blythe Weigh Communications +44 (0) 207 138 3204
Tim Blythe +44 (0) 781 692 4626
Eleanor Parry +44 (0) 755 129 3620
Halimah Hussain +44 (0) 772 597 8141
Pembroke Communications
Natalie Tennyson +353 (0) 1 649 6340
www.petrelresources.com