8th Apr 2014 10:30
LONDON (Alliance News) - Petrel Resources PLC and Clontarf Energy PLC said Tuesday that the High Court of Ghana had granted their application for an interlocutory injunction and an interim order to protect of its property rights at the Ghana Tano 2A Block.
The companies are currently awaiting ratification on its Tano 2A Petroleum Agreement from the Ghanian Cabinet and Parliament.
This court order will prevent the award of any part of the block to a third party.
Clontarf has a 60% interest in the block, Petrel has a 30% interest.
The companies said that the interlocutory injunction had been needed after reports that there had been a 'ratification' of a rival application that might overlap with a portion of the block.
The companies have sought confirmation that this ratification does not impose on the area covered by the block.
Shares in Petrel were trading up 7.2% at 10.85 pence Tuesday morning, and Clontarf shares were trading up 25.5% at 0.69 pence.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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