RE: Iraq opening up to European markets for oil investment25 Sep 2023 20:43
Petrel Resources plc (AIM: PET) today announces unaudited financial results for the six months ended 30th June 2023.
Petrel is a hydrocarbon explorer with interests in Iraq, and Ghana.
Highlights
• Petrel has fine-tuned its Iraqi proposals, following feedback. We have contractors and suppliers identified but seek improved fiscal terms to attract partners.
• An updated Merjan oil field development proposal has been submitted to the Ministry with a view to finalising a licence agreement.
• Iraqi oil output fell to 4.2 million barrels daily in July 2023, in line with OPEC+ output cut agreements. Iraqi potential is substantially higher, while infrastructural issues are being addressed.