8th Jul 2014 08:42
LONDON (Alliance News) - Clontarf Energy PLC and Petrel Resources PLC Tuesday said legal proceedings related to their Tano 2A exploration licence in Ghana have been temporarily adjourned for the second time in the last two weeks.
The two oil and gas exploration and development companies said the case has been adjourned until July 16 at the request of all parties, so that key discussions can continue.
In April, Petrel Resources and Clontarf Energy PLC were granted an injunction in the High Court of Ghana protecting their rights to the exploration block in shallow water offshore Ghana.
They sought the injunction after discovering that a rival rights application by the US's CAMAC Energy Inc, which might overlap with a portion of the rights the two companies believe they have on the block, had been ratified.
At the end of June, both Clontarf and Petrel said the court proceedings had been adjourned for a first time and would be heard again on July 7.
Clontarf has a 60% interest in the block and Petrel a 30% interest. The companies were seeking confirmation that the rival ratification did not impose on the area covered by the block.
In May, Petrel's Managing Director David Horgan stepped aside from his role to focus on bringing the company's Ghanaian dispute to a successful conclusion.
Petrel Resources shares were up 2.2% to 7.79 pence, while Clontarf shares were up 10% to 1.24 pence, putting it amongst the top ten AIM All-Share risers during early trading on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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