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High Court of Ghana Grants Application for an Interlocutory Injunction

Source: www.gulfoilandgas.com 4/8/2014, Location: Africa

Further to the announcement of 25 March 2014, Clontarf Energy plc, the AIM listed Oil Explorer, is pleased to report that the High Court of Ghana has granted its application for an interlocutory injunction and also an interim order for the protection of its property rights in respect the Ghana Tano 2A Block (Tano 2A Block). Clontarf Energy plc holds an indirect 60 per cent. interest in the Tano 2A Block pursuant to a Petroleum Agreement dated March 2010 (the "Tano 2A Petroleum Agreement"). Clontarf Energy is currently awaiting ratification of the Tano 2A Petroleum Agreement by the Ghanaian Cabinet and Parliament.

The application for an interlocutory injunction became necessary following media reports that there had been a "ratification" of a rival application that may overlap a portion of the Tano 2A Block. Clontarf Energy has sought confirmation from the Ghanaian authorities that this ratification does not relate to any area covered by the Tano 2A Block. Clontarf Energy will continue to enforce its rights under the Tano 2A Petroleum Agreement. As a precautionary measure Clontarf Energy instructed its lawyers to seek injunctive relief to prevent the purported award of any part of the Tano 2A Block to a third party. We are pleased to report that the High Court granted our application.

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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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