Further re Agreement

Petrel Resources PLC 10 January 2005 Petrel Resources plc Press Release Petrel signs Jordanian Exploration Memorandum Further to the announcement in December 2004, Petrel Resources Plc, (AIM: PET) announces it has signed a Memorandum of Understanding with the Jordanian authorities covering the East Safawi block in the Arabian desert, near the Iraqi frontier. This is convertible to an exploration and development licence after six months. This prospective area forms part of the Jordanian 'pan-handle' bordered by Saudi Arabia, Syria and Iraq. The hydrocarbon play targets Paleozoic horizons Petrel has studied in western Iraq, and which already produce gas in the nearby Risha field. Petrel's work programme is underway. It will be integrated with, and run in tandem with, the Company's Iraqi Western Desert work. The immediate objective is to develop a regional model using data from Jordan and neighbouring regions. This will include interpretation of satellite imagery to highlight the controlling structural trends. The available seismic will be re-interpreted after selected sections of the existing 4,250km of seismic have been re-processed. Petrel anticipates that advances in computer processing and field techniques will offer new insights into the petroleum potential of the region, which we believe is under-explored. If Petrel can identify drillable targets, we expect to advance to a Production Sharing Agreement. Contacts: John Teeling + 353 1 8332833 David Horgan + 353 87 292 3500 Bell Pottinger Corporate & Financial Nick Lambert +44 (0) 7811 358 764 Rowan Dartington Barrie Newton +44 (0) 1179 330011 This information is provided by RNS The company news service from the London Stock Exchange
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