Press reports re Ghana licence

RNS Number : 1243D

Clontarf Energy PLC

25 March 2014

 

25 March 2014

Clontarf Energy plc

("Clontarf" or "the Company")

Press reports regarding Ghana licence ratifications

Clontarf Energy, the AIM listed Oil Explorer, notes recent press reports and associated speculation regarding the ratification by the Ghanaian Parliament of a petroleum agreement  for the exploration of oil in a Tano Basin shallow water block (the "Ratification"). The Company holds a 60 per cent. interest in the Ghana Tano 2A Block ("Tano 2A Block") pursuant to a petroleum agreement dated March 2010 (the "Tano 2A Petroleum Agreement"). Clontarf is currently awaiting ratification of the Tano 2A Petroleum Agreement by the Ghanaian Cabinet and Parliament.

The Company has grounds to believe that the Ratification may relate to a portion of the Tano 2A Block. Clontarf is urgently seeking clarification from the Ghanaian authorities that the Ratification does not relate to an area covered by the Tano 2A Block. The Company will seek to enforce its rights under the Tano 2A Petroleum Agreement. As a precautionary measure Clontarf has instructed its lawyers to seek injunctive relief to prevent the award of any part of the Tano 2A Block to a third party. Further announcements will be made in due course.

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

Clontarf Energy plc

David Horgan, Managing Director                                                         [phone]

James Finn, Finance Director

Nominated Adviser and Joint Broker

Shore Capital

Pascal Keane/Toby Gibbs, Corporate Finance                               [phone]

Jerry Keen, Corporate Broking

Public Relations

Blythe Weigh Communications                                                  [phone]

Tim Blythe                                                                                     [phone]

Eleanor Parry                                                                                 [phone]

Halimah Hussain                                                                             [phone]

Pembroke Communications

David O'Síocháin                                                                           [phone]

 

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