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Clontarf Provides an Update on Ghana Legal Proceedings

Source: www.gulfoilandgas.com 10/13/2014, Location: Africa

The board of Clontarf Energy plc are pleased to report that an agreement has been reached with the Ghanaian authorities on the specific revised co-ordinates of the signed Petroleum Agreement on a licence Block in the Tano area of Ghana. This solution is satisfactory for the Company and brings the Company's interests in acreage closer to existing discoveries. As announced in July 2014, it was agreed that additional, contiguous acreage will be added to preserve the size of the Block, and a revised Activity Map has been circulated. The agreement is between Pan Andean Resources Ltd (60% Clontarf, 30% Petrel Resources plc, 10% local interests) the Ghana National Petroleum Corporation and the Government of Ghana.

All parties have committed themselves to, and are acting to complete, the ratification process in accordance with law, which requires Cabinet and Parliamentary approval.

Accordingly, Pan Andean Resources Ltd has not reapplied to the High Court for further equitable relief but retains its right to reapply should it prove necessary.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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