AGM Statement

Petrel Resources PLC
25 July 2003

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

                             DUBLIN, JULY 25th 2003


     Petrel is an AIM listed oil company, which has oil interests in Iraq.

   • Petrel is actively pursuing its projects in Iraq. Our office in Baghdad is
     functioning with local management and contacts have been re-established 
     with relevant officials in the Oil Ministry.
 
 • Interest has been expressed by the Oil Ministry in proposals for the
   immediate refurbishment of and development of four oil fields.

  • Petrel has feasibility studies on two of these fields and we have already
    made our interest known to the Ministry.

  • Financial terms are likely to be Buy-Backs or Service Contract type - not
    ideal but a foot in the door.

  • Once terms are agreed we can have engineers on the ground within weeks.

  • Preliminary work has commenced on Block 6 in the Western Desert.

-         Staffing

-         Updating and reinterpreting existing seismic

-         Fieldwork - as soon as the temperature and security situation permit.

•         We are talking to institutional shareholders on ways to fund work
          with minimal dilution to those who have supported us to date.

•         We have had approaches from international companies interested in
          participation opportunities.

•         The future looks very good.


              FOR FURTHER INFORMATION OR INTERVIEWS PLEASE CONTACT

                         JOHN TEELING +(353) 1 8332833
                         DAVID HORGAN +(353) 1 8332833
                            WWW.PETRELRESOURCES.COM


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