Clontarf Energy has agreed with the Ghanaian authorities to reapply for an exploration licence in the Tano Basin.
The company will make the application through its subsidiary,Pan Andean Resources, for the asset offshore Ghana.
Clontarf Energy said the agreement follows protracted discussion on how best to implement the terms of a court approved settlement relating to a signed 2010 petroleum agreement, which had not
been approved by the Ghanaian cabinet or parliament.
In 2014, revised co-ordinates of the area were agreed by the parties.
The application will now be assessed by the Ghanaian Ministry of Energy.