Source - LSE Regulatory
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

+353 (0)1 833 2833

David Horgan, Director

+353 (0)1 833 2833



Northland Capital Partners Limited


Edward Hutton / Gavin Burnell

John Howes / Alice Lane

 

+44 (0)20 7382 1100

Blytheweigh

+44 (0) 207 138 3204

Tim Blythe

+44 (0) 781 692 4626

Eleanor Parry

+44 (0) 755 129 3620

Halimah Hussain                                                                                                                                  

 

+44 (0) 772 597 8141

Pembroke Communications


Natalie Tennyson 

+353 (0) 1 649 6340

 

 

 

 

 

 

www.petrelresources.com


This information is provided by RNS
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