Clontarf Energy and Petrel Resources in talks over Ghana oil row

4th Jun 2014 13:59

Shares in Clontarf Energy and Petrel Resources shot up on news that talks had begun to try to resolve a legal dispute over an oilfield that they own in Ghana.Clontarf's stock climbed 0.25p or 50% to 0.75p by 14:06 in London as Clontarf and Petrel said legal action they had launched to prevent a rival drilling part of their Tano 2A exploration licence had been temporarily adjourned for discussions.Petrel's shares rose 1p or 10.8% to 10.25p.Clontarf and Petrel obtained an injunction to prevent the Ghanaian government awarding part of Tano 2A, in which they have stakes of 30% and 60% respectively, to a US company.They said the government had completed the agreement despite the injunction and they pledged to fight the deal in the courts.Clontarf said in a statement last week: "Despite every effort on our part, neither the Ghanaian National Oil Corp nor the state would engage with Clontarf, so we were forced to obtain a High Court injunction in Accra."Despite the injunction, the agreement was ratified and announced in May. Clontarf is actively pursuing court relief in Ghana."PW