Interim Results

Petrel Resources PLC
26 September 2001

                            Petrel Resources PLC

                   Interim Results for the Six Months Ended

                                30 June 2001


In this time of extreme uncertainty your directors have re-affirmed the
corporate strategy.  We will continue to push forward in Iraq on an oil
exploration licence, on our oil field development proposal and on trade
related oil uplifts.  In recent days, your directors have visited Baghdad to
further our proposals.  They were well received.



The world needs Iraqi oil.  This need is growing. Iraq has the second largest
oil reserve and the largest number of available oil development projects in
the world.  Iraq can expand oil output from the current level of 2.9 million
barrels a day to 8 million barrels a day within 10 years.



It is our intention to sign up the oil exploration licence and to begin work
in the Western desert of Iraq as soon as possible.





John J Teeling




Financial Information                                Six Months Ended


                                               30.06.01           30.6.00
                                               IR £'000          IR £'000
Group Profit and Loss
Operating Loss                                   (98)              (77)
Investment Income                                 4                  1
Loss before Taxation                             (94)              (76)
Taxation
Loss for the period                               94               (76)
Loss per share                                  (.24p)             (.2p)


                                               30.06.01           30.6.00
                                               IR £'000          IR £'000
Group Balance Sheet
Fixed Assets                                     584                307
Current Assets less current liabilities           41               (127)
                                                 625                180
Share Capital and Reserves                       625                180



Copies of this announcement will be sent to shareholders and will be available
for inspection at the Company's registered office at 162 Clontarf Road, Dublin
3, Ireland.