28th Jul 2015 08:38
LONDON (Alliance News) - Clontarf Energy PLC and Petrel Resources PLC released statements Tuesday saying they plan to reapply for an exploration license in the Tano basin offshore Ghana after being invited to do so by authorities.
The companies are conducting the reapplication through the joint venture vehicle, Pan Andean Resources Ltd, in which Clontarf holds a 60% stake, Petrel a 30% stake with the remaining 10% being owned by local communities.
The reapplication will be for an exploration license over a 1,500 square kilometre area over the Tano basin offshore Ghana.
The reapplication follows on from problems with a petroleum agreement which was being implemented by a court in Ghana, but had not been ratified by the Ghanaian cabinet or parliament.
"This agreement follows protracted discussions on how best to implement the terms of a court approved settlement relating to a signed 2010 Petroleum Agreement which had not been approved by the Ghanaian cabinet or parliament. Revised co-ordinates over the area were agreed by the parties concerned in October 2014," said the companies Tuesday.
Petrel and Clontarf said the Ghanaian authorities have "invited" them to reapply for an exploration license over the agreed co-ordinates and said they have been given "assurances that this fresh application will be expeditiously processed through the approvals process," they said in separate statements.
Clontarf shares were down 7.5% to 0.370 pence per share on Tuesday morning, whilst Petrel shares were down 4.4% to 2.75 pence.
By Joshua Warner; [email protected]; @JoshAlliance
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