Interim Results

Petrel Resources PLC
26 September 2002



                          PETREL RESOURCES PLC
                          INTERIM RESULTS 2002


Uncertain times bring opportunities and these are very uncertain times.  With
our focus on oil exploration in Iraq it might appear difficult to be optimistic,
but I am.  No matter what happens in the near future the oil will still be
there.  The world has no option but to exploit the vast low cost reserves of
Iraq. With operating costs of less than $1 a barrel, proven reserves of 115
billion barrels of oil and plans to grow output fourfold from 2 million to 8
million barrels a day, Iraq is the future of oil.

Petrel has spent four years and substantial sums of money in developing our
presence in Baghdad.  The block we expect to be awarded covers 10000 sq kms in
the Western desert.  In recent months we have obtained additional data and
concluded a further analysis of prospects on the block.  There is evidence of
substantial structures which may or may not contain hydrocarbons.

We have completed all of the requirements to be awarded an oil exploration
licence but to date have been unable to obtain the final signature.  We will
maintain our presence in the country and continue to press for authorization.
In a worst case scenario we will wait and will be an active player when things
settle down.  Unfortunately, not everyone shares our view so our shares languish
at a low price.  Accepting that it could be some time before we are able to
exploit opportunities in Iraq we have sought out other ventures.  We are looking
at projects in Sudan, in Jordan and elsewhere.

Sudan is an emerging power in world oil.  We have a joint venture proposal with
Sudapet, the state oil company of Sudan, to explore and exploit a Red Sea block.
Discussions on terms are tough but progressing. Should it not be possible to
agree terms on this block we have alternative proposals on other blocks.

Jordan is not a prominent hydrocarbon country but it does have a large complex
gas discovery, the Risha field.  Petrel evaluated this field some years ago and
decided against proceeding as the terms gave an inadequate return.  Recent
information on the field suggests that it could be developed to supply emerging
industrial and power needs in Jordan.  We are re-evaluating the project.

Short-term political uncertainties cast a shadow on Middle Eastern investments
so we have expanded our focus to new areas. Our strategy is to seek high
potential oil/gas projects in areas neglected by the majors.  We are at an early
stage in examining one such proposal in an area new to Petrel.

The loss for the period of €117,000 reflects ongoing activity in Iraq mainly
consultants, expenditure on evaluating projects in Sudan, Yemen and Syria and
ongoing corporate overheads. We are keeping a tight reign on expenditure. This
level of operation is likely to continue for some time.

There are opportunities in world oil for Petrel we have to be alive to them and
ready to move.


John J Teeling
CHAIRMAN


Financial Information (unaudited)                       Six Months Ended

                                                30.06.02                30.06.01
                                                 €'000                   €'000
Group Profit and Loss
Operating Profit/(Loss)                           (117)                   (124)
Investment Income                                   -                       5
Profit/(Loss) before Taxation                     (117)                   (119)
Taxation                                            -                       -
Profit(Loss) for the period                       (117)                   (119)
Profit(Loss) per share                            (.28c)                  (.30c)


                                                30.06.02                30.06.01
                                                 €'000                   €'000
Group Balance Sheet
Fixed Assets                                      1036                     742
Current Assets less current liabilities            25                      52
                                                  1061                     794
Share Capital and Reserves                        1061                     794


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.


Petrel Resources            162 Clontarf Road           Tel:  [phone]
(Registered Office)         Dublin 3                    Fax: [phone]
                                                        Email: [e-mail]
                                                        www.petrelresources.com
Contact:

John Teeling, Chairman
David Horgan, Managing Director



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