The board of Petrel Resources has agreed with the Ghanaian authorities that Pan Andean Resources Ltd, the Company's local affiliate (30% Petrel, 60% Clontarf, 10% Locals), will reapply for an exploration licence over 1,500 plus sq km of acreage in the Tano Basin offshore Ghana.
This agreement follows protracted discussions on how best to implement the terms of a court approved settlement relating to a signed 2010 Petroleum Agreement which had not been approved by the Ghanaian cabinet or parliament. Revised co-ordinates over the area were agreed by the parties concerned in October 2014.
The Ghanaian Ministry of Energy has now invited Pan Andean to submit a fresh application over the agreed co-ordinates. Pan Andean has been given assurances that this fresh application will be expeditiously processed through the approvals process. Following legal advice Pan Andean is proceeding in accordance with these assurances to submit a fresh application.