Last checked at 17 Jul 2014 07:00
17 July 2014
Petrel Resources plc
("Petrel" or the "Company")
Update on Ghana Legal Proceedings
The board of Petrel are pleased to report that an agreement has been reached with the Ghanaian authorities which clarifies the co-ordinates of the signed Petroleum Agreement on a licence Block in the Tano area of Ghana. It was agreed that additional, contiguous acreage would be added to preserve the size of the Block. The agreement is between Pan Andean Resources Ltd (60% Clontarf, 30% Petrel, 10% local interests) the Ghana National Petroleum Corporation and the Government of Ghana. All parties agreed to seek to expedite the ratification process which requires Cabinet and Parliamentary approval.
As a consequence of this, Petrel has discontinued its High Court proceedings with rights to reapply.
ENDS
Enquiries:
Petrel Resources Plc
John Teeling, Executive Chairman +353 (0)1 833 2833
David Horgan, Director +353 (0)1 833 2833
Northland Capital Partners Limited
Nominated Adviser and Broker + 44 (0)20 7382 1100
Edward Hutton / Gavin Burnell / Lauren Kettle
John Howes / Alice Lane (Broking)
Blytheweigh +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