Petrel Resources Regulatory News (PET)

27th February 2018

Petrel Resources plc

("Petrel" or "the Company")

Update on Petrel Joint Venture with Woodside Energy

Petrel Resources plc is pleased to announce its receipt, after Government approval, of a 10% interest in Licensing Option 16/14, which is operated and currently held 100% by Woodside Energy. LO 16/14 is a 1,579 km2 Licensing Option, approximately 150km southwest of Ireland, which covers Blocks 54/11, 54/12, 54/13, 54/16, 54/17 & 54/18.

The partners have applied to convert the Licensing Option to a full Frontier Exploration Licence. An extensive 3D state-of-the-art seismic survey was acquired by contractor PGS during summer 2016. This 'Granuaile' dataset has been processed by Down Under GeoSolutions, and final products are due to be delivered to the Operator shortly.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

ENDS

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