Petrel Resources Faces Future With Confidence, To Stay In Iraq

LONDON (Dow Jones)--Petrel Resources PLC (PET.LN), an Irish and London listed oil exploration company, said Monday it has overcome serious difficulties in recent years and faces the future with renewed confidence, adding that it intends to remain in Iraq. MAIN FACTS: -Petrel has $7 million in cash or near cash, a 10% profit interest in the Subba and Luhais contract, a significant database on oil discoveries and an interest in Block 6 in the western desert. -Hopes to finalize Block 6 title then move immediately to exploration. -Despite excellent hydrocarbon potential on Jordanian licenses Company has been unable to attract a joint venture partner; licenses are likely to be surrendered. -Though maintaining a presence in Iraq Petrel needs alternatives; Africa has potential. -Petrel has a 30% interest in an onshore/offshore Ghanaian exploration block and is preparing entry into nearby countries. -Shares at 1230 GMT unchanged at 20.5 pence valuing the company at GBP15.72 million. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; ian.walker@dowjones.com (END) Dow Jones Newswires July 26, 2010 08:32 ET (12:32 GMT)