Highlights of the Chairman's Statement from AGM

RNS Number : 5436F

Petrel Resources PLC

28 July 2016

 

28^th July 2016

Petrel Resources plc

("Petrel" or the "Company")

Highlights of the Chairman's Statement to the AGM of

Petrel Resources Plc held In Dublin at 12 noon Thursday 28^th July 2016.

Ø  The focus of current activity is in the Porcupine Atlantic offshore Ireland where our partner, Woodside   Resources, is undertaking a $6 million seismic survey over Frontier Exploration Licence (FEL) 3/14.  The survey   is 87% complete.

Ø  The seismic will be processed over the coming months.  Assuming that targets are identified a well could be   drilled in 2018.

Ø  In April 2016 Petrel were awarded Licencing Options (LOs) on two areas in the Porcupine.  We believe that   each licence has significant potential.

  The first LO which includes blocks 35/01, 26/26 and portions of blocks 26/27 and 35/02.  The ground abuts   the Conamara oil discovery made by BP in 1983.

  The second LO is the Eastern Porcupine and includes all of block 45/27 which was covered by 3D seismic in   2013.

Ø  Following completion of an agreed work programme within 2 years Petrel has the option to apply to convert to   full Frontier Exploration Licences.

Ø  Petrel and Woodside have a joint venture on a second licence FEL 4/14.  Discussions are ongoing as to what   will be done on this licence.

Ø  In Ghana, we maintain our legal rights on block Tano 2A.  At the suggestion of the Ministry we applied for a   deeper water block.  We have been invited for discussions, we have accepted and await dates.

Ø  Iraq is at a standstill.  Our best prospect is the 5% full carry to production on ground in the Wasit province   which is a Shia dominated relatively stable area.  The operator is Oryx, a Canadian company.  They have been   unable to obtain drilling permits.

All resolutions were passed at the meeting.

Enquiries:

For further information please visit http://www.petrelresources.com/ or contact:

Petrel Resources Plc

John Teeling, Chairman                                                               [phone]

David Horgan, Director

Dipti Mehta

Nominated Adviser and Broker

Northland Capital Partners Limited

Edward Hutton / Gerry Beaney                                                    [phone]

John Howes (Broking)

Public Relations

Blytheweigh                                                                                [phone]

Tim Blythe                                                                                    [phone]

Camilla Horsfall                                                                            [phone]

Megan Ray                                                                                   [phone]

Nick Elwes                                                                                    [phone]

Rachael Brooks                                                                            

PSG Plus

Colm Heatley                                                                                [phone]

Alan Tyrrell                                                                                   [phone]

www.petrelresources.com

 

END

 

 

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