Petroleum Africa
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Tuesday, October 14, 2014
Petrel Resources and the Ghanaian authorities have reached an agreement regarding the specific revised coordinates of the signed petroleum agreement for a license in the Tano area of Ghana. Petrel said that this solution is satisfactory for the company and brings its interests in acreage closer to existing discoveries.
As announced in July it was agreed that additional, contiguous acreage will be added to preserve the size of the block, and a revised activity map has been circulated. The agreement is between Pan Andean Resources (60% Clontarf Energy, 30% Petrel Resources, 10% local interests), GNPC, and the government.
All parties have committed themselves to, and are acting to complete, the ratification process in accordance with law, which requires Cabinet and Parliamentary approval. Accordingly, Pan Andean Resources has not reapplied to the High Court for further equitable relief but retains its right to reapply should it prove necessary.
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