AGM Statement

Petrel Resources PLC
20 July 2001


Petrel Resources wishes to announce that the Chairman, John Teeling, made the
following comments at the Annual General Meeting held in Dublin on 20 July
2001.

*        Petrel maintains an active presence in Iraq.


*        After two years of negotiations, a work programme and financial terms
have been agreed in principle with Iraqi oil officials to explore a 10,000 sq
km block in the Western Desert between Baghdad and Jordan.  Petrel now awaits
the formal approval and acceptance of the agreement by the Iraqi authorities.


*        The work programme has a detailed schedule of seismic
re-interpretation, new seismic and drilling.


*        It is to be hoped that the current evaluation of the sanctions regime
against Iraq will lead to an agreement to greatly relax if not completely
eliminate sanctions.  For humanitarian reasons, Middle East peace and world
economic wellbeing, it is imperative that a workable solution is found.


*        Petrel Industries, our trading venture, is making slow progress.  We
will once again have a stand at the Baghdad Trade Fair in November.


*        Petrel is ready to move.  We await the word.

Petrel is an AIM listed oil exploration company focused on Iraq.