Police in Accra have exonerated managers of the oil firm accused of forging the signature of the Energy Minister to lay claim over a piece of oil rich area, off the coast of Western Region.

The police insist initial investigations point to a former employee of the firm who was arrested on Wednesday and has since been granted bail.

Miura Petroleum Limited is reported to have made an estimated 1.5 million dollars, using the forged letter as a basis to sell off majority stake in the oil rich area, to its parent company, Gondwana Oil Corporation.

The parent company also recently raised 40 million dollars on the Canadian Stock exchange using the alleged forged letter as part of its listing documents.

Accra Regional Police Crime Officer, Chief Superintendent Paul Kontomah told Joy News their only focus at this moment is on the former employee of the oil firm accused of forging the letter.

Meanwhile, the man who forged the signature of the Minister of Energy and Petroleum to transact businesses, has reportedly confessed before Police investigators that he forged the Ministers signature.

Mr Charles Andoh who was arrested Thursday reportedly told the police he committed the act with the hope that the Canadian company, Gondwana Energy, will give him some money.

In a related development, the Canadian oil firm and its local subsidiary at the centre of the forged signature scandal have assured shareholders of what they say are constructive and cooperative discussions with the Ministry to resolve the matter.

But the Energy Ministry has categorically denied ever holding any discussions with the Canadian company or its Ghanaian subsidiary to resolve the matter.

The Ministry of Energy has since forwarded documentations regarding the issue to the Economic and Organized Crime Office (EOCO) to aide in their investigations.

It has also urged EOCO to thoroughly investigate the issue to bring all involved to book as required by law.