Press Reports re Ghana licence

RNS Number : 1244D

Petrel Resources PLC

25 March 2014

 



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                                                              [phone]

Northland Capital Partners Limited

John Howes / Alice Lane                                                                              + 44 (0)20 7382 1100

Edward Hutton / Gavin Burnell / Lauren Kettle                                          

Blythe Weigh Communications                                                                    [phone]

Tim Blythe                                                                                                       [phone]

Eleanor Parry                                                                                                 [phone]

Halimah Hussain                                                                                           [phone]

Pembroke Communications

Natalie Tennyson                                                                                           [phone]

www.petrelresources.com

 

END

 

 

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