The International Tribunal for the Law of the Sea has ruled that Ghana cannot drill new oil wells in the disputed West Cape Three Point but said stopping the country from its current exploration activities would have dire economic implications on the country.

"Ghana shall take all necessary steps to ensure that no new drilling either by Ghana or under its control takes place in the disputed area," judges ruled, Saturday.

They were quick to add that "the suspension of ongoing activities conducted by Ghana in respect of which drilling has already taken place would entail the risk of considerable financial loss to Ghana and its concessionaires and could also pose a serious danger to the marine environment resulting, in particular, from the deterioration of equipment. It therefore considers that an order suspending all exploration or exploitation activities conducted by or on behalf of Ghana in the disputed area, including activities in respect of which drilling has already taken place, would cause prejudice to the rights claimed by Ghana and create an undue burden on it and that such an order could also cause harm to the marine environment."

Cote d'Ivoire is laying claim to Ghana's territorial waters at West Cape Three points currently being operated by  oil giants Tullow under the Tweneboah-Enyera-Ntoumme (TEN) project.

In September, 2014 Ghana proceeded to the Special Chamber of the International Tribunal for the Laws of the Sea (ITLOS) after 10 failed attempts at negotiation with Cote d'Ivoire.

Just when the case was called, Cote d'Ivoire in February 25, filed for preliminary measures urging the tribunal to suspend all activities on the disputed area until the definitive determination of the case, dubbed: “Dispute Concerning Delimitation of the Maritime Boundary between Ghana and Cote d’Ivoire in the Atlantic Ocean.”

The Ivorians demanded in part that Ghana must "take all steps to suspend ongoing oil exploration and exploitation operations in the disputed area" and to "refrain from granting any new permit for oil exploration and

exploitation in the disputed area."

But Ghana led by Attorney General Marrieta Brew Appiah-Oppong challenged the request by Ivory Coast claiming if the Tribunal granted that order it would have dire repercussions on Ghana's economy.

In a compromised ruling Saturday, the panel of judges said Ghana cannot explore new drills in the disputed area but hinted it could continue with the ongoing exploration activities.

Speaking to Myjoyline.com shortly after the verdict lawyer and former boss of the Ghana National Petroleum Corporation Tsatsu Tsikata said the ruling is victory for Ghana.