AGM Statement

Petrel Resources PLC
28 July 2004

                                                               162 Clontarf Road
                                                                        Dublin 3
                                                                         Ireland



                                                             Tel: [phone]

                                                             Fax: [phone]

                                                            Email: [e-mail]

                                                         www.petrelresources.com



                                                                  28th July 2004



           Petrel in technical discussions on Iraqi oil developments



At the AGM of Petrel Resources plc which will be held at 1400 hrs today the
Managing Director, David Horgan, will make the following statement:



'Petrel is pushing forward its submissions to develop the Khurmala Dome, Hamrin
and Subba & Luhais oil field developments in Iraq.



Recent political developments have presented some challenges and delayed, but
not derailed this work.  The new minister has reasserted the need for
professional and pragmatic progress.  We have received excellent cooperation and
a warm welcome from Iraqi officials.



Petrel is now in detailed technical discussions with the Iraqi Ministry of Oil
on the first two of three tenders submitted recently.  The work deepens and
broadens the detail provided in our submissions in response to the tender
information made available to pre-qualified companies, including Petrel.



The key technical issues are mechanical, civil, telecommunications, control &
instrumentation and especially electrical.  The Ministry's oil field development
company is conducting professional due diligence on suppliers of piping, values,
fittings and other equipment.  Petrel submitted its tenders in close cooperation
with some of the world's leading contractors and suppliers of oil field
equipment.



This necessary work clarifies the engineering choices required and lays the
foundations for commercial negotiations.



This work confirms the renewed commitment of Ministry officials to ensure the
optimal equipment provided by suppliers who are able and willing to work under
prevailing circumstances.



Petrel employs, where possible, local staff.  They are honest, brave and
reliable.  Where exceptional problems arise, as where we cross different tribal
areas / political spheres of influence, we may have to employ international
security operatives.



Given the economics and geology of Iraqi oil, Petrel believes that funding
should not be a problem.  We are more concerned to avoid excessive or premature
dilution.



Petrel aims to become an oil independent developing Iraqi oil fields and
exploring the western desert.'



Contacts:

David Horgan                        Tel:  + 353 87 292 3500
Jim Finn                            Tel:  + 353 18332833



Barrie Newton, Rowan Dartington     Tel:   + 44 (0) 11 79 33 00 11
                                    Mob: + 44 (0) 7720 276 271



Redleaf Communications
Emma Kane/James White               Tel:   [phone]
                                    Mob: [phone]





 PETREL is an Oil Explorer in Iraq traded on the AIM market in London. Ticker
                                symbol (PET)
  Further information on Petrel Resources plc is available at its website:
                            www.petrelresources.com



  Directors: John Teeling, Chairman, David Horgan, Managing, Guy Delbes (FR),
               Stefano Borghi (ITL), Jim Finn, Company Secretary

            Registered Office: 162 Clontarf Road, Dublin 3, Ireland


                      This information is provided by RNS
            The company news service from the London Stock Exchange