Update on Ghana Legal Proceedings

RNS Number : 5762M

Petrel Resources PLC

17 July 2014

Petrel Resources plc

("Petrel" or the "Company")

Update on Ghana Legal Proceedings

The board of Petrel are pleased to report that an agreement has been reached with the Ghanaian authorities which clarifies the co-ordinates of the signed Petroleum Agreement on a licence Block in the Tano area of Ghana. It was agreed that additional, contiguous acreage would be added to preserve the size of the Block. The agreement is between Pan Andean Resources Ltd (60% Clontarf, 30% Petrel, 10% 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, Petrel has discontinued its High Court proceedings with rights to reapply.

ENDS

Enquiries:

Petrel Resources Plc

John Teeling, Executive Chairman +353 (0)1 833 2833

David Horgan, Director +353 (0)1 833 2833

Northland Capital Partners Limited

Nominated Adviser and Broker + 44 (0)20 7382 1100

Edward Hutton / Gavin Burnell / Lauren Kettle

John Howes / Alice Lane (Broking)

Blytheweigh +44 (0) 207 138 3204

Tim Blythe +44 (0) 781 692 4626