The concession was awarded to a Ghanian company ‘Pan Andean Resources Limited’ which is owned by:

60% Clontarf Energy plc

30% Petrel Resources plc

10% Ghanaian interests (Abbey Oil & Gas Limited)

•         Pan Andean and the Ghana National Petroleum Corporation (GNPC) executed a valid agreement in 2008 in respect of exploration of the Tano 2A area;

•         A revised petroleum Agreement was signed between the parties and the Ghana National Petroleum Company (GNPC) in March 2010;

•         Pan Andean, following protracted negotiations with the GNPC, instituted a lawsuit in March 2014 seeking equitable reliefs to protect its lawful rights under the signed Petroleum Agreement;

•         Based on the good faith shown by the Ministry of Energy and Petroleum to amicably settle the matter out of court, Pan Andean moved to discontinue the matter in July 2014, while retaining the right to re-apply to the High Court should this prove necessary;

•         The amended area for exploration and production rights for the Tano 2A Petroleum Agreement for the block are set out as below. We now await the Ministry to implement the agreed settlement and process the same expeditiously.

We await ratification of the amended Petroleum Agreement by Cabinet and Parliament, in accordance with law.

Click on map below to enlarge

• The combined group controls 60% Working Interest and is the operator of the Offshore/Onshore Tano Block
• Held via Ghanaian vehicle (‘Pan Andean Resources Limited’) in accordance with law
• Block size:  c. 1,500 km2 (150k hectares)
• Basin:  Tano
• Geological Target:  Cretaceous
• Potential :  multi-billion barrel recoverable

Fiscal terms in Ghana are competitive, particularly after recent exploration success:

TECHNICAL SUMMARY

Generalised stratigraphy of the Tano Basin:

Location of wells drilled on the shelf and onshore of the Tano Basin

Recent discoveries and prospects, offshore Tano Basin

Diagrammatic representation of plays in the Tano Basin

Onshore Ghancan well correlations across the northeastern Tano basin margin

North Tano: Depth map (feet) : Intra Mid-Albian (after Phillips Petroleum)

Geoseismic section from the North Tano field to the northern basin margin (after GNPC)

Location map of seismic lines available to the company

Onshore seismic line GNPC87-5 north from Bonyere showing down-to-the-basin marginal faults

Offshore dip seismic line ARTB88-17 (most of which lies within the licence area), showing faulting and a variety of stratigraphic features