Petrel Resources Regulatory News (PET)

2 Dec 2005 10:08

Petrel Resources PLC02 December 2005 Petrel Signs Iraqi Contract Further to the announcement made on 7th September 2005, Petrel is pleased toannounce that it has formally signed on 1st December 2005 the Subba & Luhais oilfield development services contract with the Iraq Ministry of Oil. The project is to develop existing reserves to raise production from under50,000 barrels of oil daily to over 200,000 barrels of oil and 120 million cubicfeet of gas daily. Petrel has mobilized a development team: initial work is mainly engineeringdesign. We plan to conduct site surveys in close cooperation with IraqiMinistry of Oil officials early in 2006. The Subba & Luhais oil field development services contract is for $197.4million. Contacts: David Horgan + 353 87 292 3500 John Teeling + 353 1 8332833 Jim Finn + 353 1 8332833 Bell Pottinger Corporate & Financial Nick Lambert +44 (0) 7811 358 764 Rowan Dartingon Barrie Newton +44 (0) 1179 330011 This information is provided by RNS The company news service from the London Stock Exchange