Pan Andean Resources, a vehicle backed by Irish entrepreneur John Teeling, has agreed to reapply for oil and gas acreage offshore Ghana.
It comes after the boundaries of the exploration acreage were revised and after uncertainties relating to a 2010 petroleum agreement, which had not been approved by the country’s parliament.
Teeling is chairman of both Petrel Resources (LON:PET) and Clontarf Energy (LON:CLON) which together own 90% of Pan Andean.
Clontarf owns 60% of the company and Petrel has 30%.
“The Ghanaian Ministry of Energy has now invited Pan Andean to submit a fresh application over the agreed co-ordinates,” Clontarf said in a statement.
“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.”
On AIM today Clontarf shares were down around 6% at 0.37p, whereas Petrel had gained 4.35%.