AGM Statement

RNS Number : 7893N

Petrel Resources PLC

31 July 2014

 



31 July 2014

Petrel Resources plc

("Petrel" or "the Company")

AGM Statement

Petrel will be holding its AGM at 11.00am today. At the meeting, John Teeling, Executive Chairman, will make the following statement:

Petrel is active in three areas, Offshore Ireland, Ghana and Iraq

Offshore Ireland

The joint venture with Woodside Petroleum on two blocks in the Porcupine basin is going well. Woodside is analysing and reprocessing all available data on the two blocks. They expect to conduct seismic in 2015 with a well likely in 2017.  Petrel holds a 15% interest and is fully carried by Woodside through all exploration up to and including one well on each block.

Ghana (30% Interest in Pan Andean Resources Ltd)

Following an all-party agreement in the Ghanaian High Court, Petrel and their partner Clontarf, have presented a proposal to the Ghanaian authorities highlighting the new co-ordinates of the exploration block.  Petrel and Clontarf are pressing for quick ratification.  Assuming the legal agreement is implemented the outcome is very satisfactory.

Iraq

Petrel has a 5% full free carry on the interests held by Oryx in the Wasit province of Iraq.  This is held via a 20% shareholding in Amira, which was farmed out to Oryx, a listed Canadian company whose principals have been successful in Kurdistan.  The Wasit province is stable but no exploration is being conducted at present.

Petrel will apply for ground in the forthcoming Irish offshore licence round.

The Board is actively looking at options to enhance shareholder value.

Petrel is fully funded for all current activities.

ENDS

Enquiries:

Petrel Resources Plc
John Teeling, Executive Chairman	[phone]
David Horgan, Director	[phone]
Northland Capital Partners Limited
Edward Hutton / Gavin Burnell John Howes / Alice Lane	[phone]
Blytheweigh	[phone]
Tim Blythe	[phone]
Eleanor Parry	[phone]
Halimah Hussain	[phone]
Pembroke Communications
Natalie Tennyson	[phone]

www.petrelresources.com

 

END

 

 

AGMSDSFISFLSEDW