Petrel Resources Regulatory News (PET)

10 Jan 2005 12:16

Petrel Resources PLC10 January 2005 Petrel Resources plc Press Release Petrel signs Jordanian Exploration Memorandum Further to the announcement in December 2004, Petrel Resources Plc, (AIM: PET)announces it has signed a Memorandum of Understanding with the Jordanianauthorities covering the East Safawi block in the Arabian desert, near the Iraqifrontier. This is convertible to an exploration and development licence aftersix months. This prospective area forms part of the Jordanian 'pan-handle' bordered by SaudiArabia, Syria and Iraq. The hydrocarbon play targets Paleozoic horizons Petrelhas studied in western Iraq, and which already produce gas in the nearby Rishafield. Petrel's work programme is underway. It will be integrated with, and run intandem with, the Company's Iraqi Western Desert work. The immediate objective is to develop a regional model using data from Jordanand neighbouring regions. This will include interpretation of satellite imageryto highlight the controlling structural trends. The available seismic will bere-interpreted after selected sections of the existing 4,250km of seismic havebeen re-processed. Petrel anticipates that advances in computer processing and field techniqueswill offer new insights into the petroleum potential of the region, which webelieve is under-explored. If Petrel can identify drillable targets, we expect to advance to a ProductionSharing Agreement. Contacts: John Teeling + 353 1 8332833 David Horgan + 353 87 292 3500 Bell Pottinger Corporate & Financial Nick Lambert +44 (0) 7811 358 764 Rowan Dartington Barrie Newton +44 (0) 1179 330011 This information is provided by RNS The company news service from the London Stock Exchange