Ghanaian Negotiations

RNS Number : 9813B

Petrel Resources PLC

22 June 2016

 

22^nd June 2016

Petrel Resources plc

("Petrel" or "the Company")

Ghanaian Negotiations

The directors of Petrel (AIM: PET) wish to advise shareholders that Petrel and its partners have been informed by the Ghanaian Ministry of Petroleum (the "Ministry") that the Ministry is available for negotiations on our proposals for amended coordinates of the Tano Basin block which Petrel first became interested in in 2010. 

The Ministry has reviewed our entire proposal and accordingly advised us that the Block named "Lukoil B" is available for negotiations.  We will confirm our interest and follow up on this prospective acreage. Further announcements will be made as soon as practicable.

This new acreage is an offshore block in deeper water than the Tano 2A block which has been the subject of ongoing discussions for many years.  Our Ghanaian affiliated company, Pan Andean Resources (Ghana) Limited, is a private Ghanaian company held 30% by Petrel Resources, 60% by Clontarf Energy, and 10% local Ghana interests.

Ends

Enquiries:

For further information please visit http://www.petrelresources.com or contact:

Petrel Resources Plc

David Horgan, Director                                                                                         [phone]

Nominated Adviser and Broker

Northland Capital Partners Limited

Edward Hutton / Gerry Beaney                                                                         [phone]

John Howes (Broking)

Public Relations

Blytheweigh                                                                                                             [phone]

Tim Blythe                                                                                                                 [phone]

Camilla Horsfall                                                                                                       [phone]

Megan Ray                                                                                                                 [phone]

Anna Worboys

Rachael Brooks                                                                                                       

PSG Plus

Colm Heatley                                                                                                            [phone]

Alan Tyrrell                                                                                                                [phone]

 

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