Clontarf Energy Provides Update on Ghana Legal Proceedings

The board of Clontarf are pleased to report that an agreement has been reached with the Ghanaian authorities which clarifies the co-ordinates of the signed Petroleum Agreement on a licence Block in the Tano area of Ghana.

It was agreed that additional, contiguous acreage would be added to preserve the size of the Block. The agreement is between Pan Andean Resources Ltd (60% Clontarf, 30% Petrel, 10% local interests), the Ghana National Petroleum Corporation and the Government of Ghana. All parties agreed to seek to expedite the ratification process which requires Cabinet and Parliamentary approval.

As a consequence of this, Pan Andean Resources has discontinued its High Court proceedings with rights to reapply.

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