Last checked at 29 Jul 2015 12:04
29th July 2015
Petrel Resources plc
("Petrel" or the "Company")
Highlights of the Chairman's Statement to the AGM of
Petrel Resources Plc held In Dublin at 11am Wednesday 29th July 2015.
1. Petrel has ongoing activities in three areas, offshore Ireland, offshore Ghana and Iraq.
2. Petrel has a joint venture with Woodside Energy of Australia on two offshore exploration blocks in the Porcupine Basin of the Atlantic Ocean offshore Ireland. Woodside, the operator, awaits government permits to conduct a 3D seismic campaign. Originally scheduled for 2015, this is now likely to be completed in 2016. Assuming positive results, drilling is possible in 2018.
3. As announced, following a court case and lengthy discussions with the Government of Ghana, Petrel and partners (Clontarf 60% Locals 10%) have lodged a new application for agreed acreage in the Tano area offshore Ghana. We have been given assurances that this fresh application will be expeditiously processed through the approvals process.
4. There is virtually no activity in Iraq. The Block 6 acreage in Anbar province is a no-go area. There remains a belief that the authorities in Wasit province will agree to exploration permits which will enable drilling by our partner Oryx Petroleum.
5. Petrel is preparing an application for ground being offered in the Second Irish Offshore Licensing round due to be launched in September 2015.
6. The Company continues to monitor opportunities in frontier exploration areas.
7. The Company is financed for at least the next two years.
All resolutions were passed at the meeting.
ENDS
Enquiries:
Petrel Resources Plc
John Teeling, Chairman +353 (0) 1 833 2833
David Horgan, Director
Nominated Adviser and Broker
Northland Capital Partners Limited
Edward Hutton / Gerry Beaney +44 (0)20 7382 1100
John Howes/Mark Treharne (Broking)
Public Relations
Blytheweigh +44 (0)20 7138 3204
Tim Blythe +44 (0) 7816 924 626
Halimah Hussain +44 (0) 7725 978 141
Camilla Horsfall +44 (0) 7871 841 793
PSG Plus
Aoife Ross +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
www.petrelresources.com