Petrel Resources and its partners have confirmed that the Ghanaian Ministry of Petroleum is available for negotiations on the company’s proposals for amended coordinates of the deepwater Tano Basin block.

Initially, the company first became interested in the block in 2010.

Petrel Resources said in a statement: "The ministry has reviewed our entire proposal and accordingly advised us that the Block named ‘Lukoil B’ is available for negotiations.

"We will confirm our interest and follow-up on this prospective acreage. Further announcements will be made as soon as practicable."

"We will confirm our interest and follow-up on this prospective acreage."

The new acreage is an offshore block in deeper water than the Tano 2A block.

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Petrel’s Ghanaian affiliated company Pan Andean Resources is held 30% by Petrel Resources, 60% by Clontarf Energy and 10% local Ghana interests.

Tullow Oil operates the Tano licence with 49.95% interest.

Remaining partners are Kosmos Energy and Anadarko Petroleum holding 18% stake each, while Sabre owns 4.05% and the Ghana National Petroleum has a 10% interest.

The Tano Block is situated next to the West Cape Three Points Block in the Tano Basin.

Kosmos entered the block to further expand its position in the basin and drilled an appraisal well of the Jubilee field discovery on Tano Block in 2007.

A floating production, storage and offloading vessel will be used to initially develop discoveries on the block that is focused on the Enyenra, as well as Ntomme oilfields.