Ghanaian Tano Basin acreage negotiations

RNS Number : 1303K

Petrel Resources PLC

19 September 2016

 

19^th September 2016

Petrel Resources plc

("Petrel" or the "Company")

Ghanaian Tano Basin acreage negotiations

The directors of Petrel (AIM: PET) are pleased to advise shareholders that, further to our announcement of 7th September 2016, Petrel and its partners have been offered revised Tano Basin acreage coordinates by Ghanaian officials, which we have accepted in principle. 

Negotiations to formalise a revised Petroleum Agreement between the Company and Ghanaian officials will continue as agreement has yet to be reached on certain matters.

The Company's directors look forward to providing shareholders with further updates, including specific geological information relating to the new acreage coordinates, as negotiations progress.

At present no assurances can be given that these negotiations will lead to a successful outcome for the Company or that a formal agreement will be reached.

Our Ghanaian affiliated company, Pan Andean Resources (Ghana) Limited, is a private Ghanaian company held 30% by Petrel Resources, 60% by Clontarf and 10% by local Ghana interests.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

Ends

Enquiries:

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

Petrel Resources Plc

John Teeling, Chairman                                                               [phone]

David Horgan, Director

Dipti Mehta

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]

Nick Elwes                                                                                    [phone]

Rachael Brooks                                                                            

Jonathan Garfield

PSG Plus

Colm Heatley                                                                                [phone]

Alan Tyrrell                                                                                   [phone]

 

END

 

 

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