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29 April 2014

Gondwana Oil updates on application process for Ghana block interest.

Gondwana Oil Corp. (CSE:GO) provided investors Tuesday with another update on the status of its application for an interest in the Offshore Cape Three Point South Block in Ghana.

The company is in the midst of what has become a lengthier-than-expected application process for the interest, which would be held by its 70%-owned subsidiary, Miura Petroleum. Earlier this month, Gondwana said that the Ministry made a number of allegations in connection with the application, including on the validity of status and on the negotiations process.

Gondwana, which said it was surprised by the allegations and noted they were inconsistent with documentation received by the company to date, has worked in cooperation with the Ministry to resolve the issues.

The company said Tuesday that after "constructive and cooperative discussions" with the Ministry earlier this week, the Ministry has removed the allegations from its website.

Gondwana is continuing to work with Miura and the Ministry, and said it anticipates further confirmations from the Ministry on the overall status of the application going forward.

Further details will be announced as soon as possible, Gondwana said.

Shares of the oil explorer tanked 50% this morning, and are currently sitting at half a penny.

The Offshore Cape Three Point South block in Ghana sits next to the giant Jubilee Field – the first major discovery in the West African country. The Jubilee Field, which was discovered in 2007, has 2 billion barrels of reserves, and 110,000 barrels per day of current production, with the junior company’s Gondwana block sitting just 25 km southeast of the enormous play.

The asset covers 1,604 square kilometres with past work including a “strong existing 2D and 3D offshore data set”, comprised of 2,378 line km of 3D seismic and 1,687 line km of 2D seismic, ready to be reinterpreted. Gondwana is currently negotiating the final terms of a production sharing contract (PSC) with the Ghana state oil and gas company (GNPC). 



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