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Clontarf-Petrel Tano 2A licence in Ghana enlarged in out-of-court agreement

17th July 2014

The boards of Clontarf and of Petrel Resources have reported that an agreement has been reached with the Ghanaian authority which clarifies the co-ordinates of the signed petroleum agreement on a licence Block in the Tano area of Ghana

Clontarf-Petrel Tano 2A licence in Ghana enlarged in out-of-court agreement
As a consequence of this, Pan Andean Resources has discontinued its High Court proceedings with rights to reapply

It was agreed that additional, contiguous acreage would be added to preserve the size of the block.

The agreement is between Pan Andean Resources (60 per cent Clontarf, 30 per cent Petrel, 10 per cent 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, Pan Andean Resources has discontinued its High Court proceedings with rights to reapply.

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