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Ghanaian Tano Basin acreage negotiations

Published by
Oilfield Technology,

The directors of Clontarf (AIM: CLON) has advised shareholders that, further to the announcement of 7 September 2016, Clontarf and its partners have been offered revised Tano Basin acreage coordinates by Ghanaian officials, which Clontarf 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.

No assurances

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.

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

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

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Adapted from a press release by Louise Mulhall

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