Petrel Resources Regulatory News (PET)

5 Oct 2005 12:11

Petrel Resources PLC05 October 2005 Petrel has signed a Technical Cooperation Agreement called a 'Framework of CaseStudy' on the Merjan Block with the Oil Exploration Company of the IraqiMinistry of Oil. The Merjan Block is a 300 km2 area surrounding the Merjan oil field, which wasdiscovered by the Ministry of Oil in 1983. It is located south of Razzaza Lakein central western Iraq, about 45km east of Block 6 and 50km west of the city ofKarbala. A team will be formed of four people from Petrel and four from the OilExploration Company of the Iraqi Ministry of Oil to conduct the study. Petrel also committed to assist the Oil Exploration Company on latest technologyand training courses. Coming soon after the award of the Subba & Luhais oil field development servicescontract by the Iraqi Ministry of Oil's project division (SCOP), this representsan important step in building an Iraq-centred oil independent. Petrel hopes to expand and deepen its cooperation with the Iraqi Ministry of Oilas quickly as possible. Contacts: David Horgan + 353 87 292 3500 John Teeling + 353 87 258 1178 Jim Finn + 353 86 258 1178 Bell Pottinger Nick Lambert +44 (0) 7811 358 764 This information is provided by RNS The company news service from the London Stock Exchange