AGM Statement

Petrel Resources PLC
12 July 2002

                       HIGHLIGHTS OF CHAIRMAN'S STATEMENT
                       AT THE AGM OF PETREL RESOURCES PLC

                             DUBLIN, JULY 12TH 2002


Petrel is a tightly focused AIM listed oil exploration company staking out a
position in Middle East oil.

The world is facing a shortage of oil.  The Middle East will grow as a source of
supply to the West despite the political uncertainty.  Petrel as an Irish
company is uniquely placed to exploit niche opportunities in the area.

We are working in three areas - Iraq, Sudan and Syria.

After four years of work in Iraq we believe that we are close to obtaining
approval to explore a 10,000 sq km block in the Western Desert of Iraq.

Together with a partner we have presented a proposal to the government of Sudan
to explore a gas/oil block in the Red Sea.

We are at an early stage in a joint venture project to acquire oil rights in
Syria.


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