AGM Statement

RNS Number : 2248K

Petrel Resources PLC

26 July 2013

 



26 July 2013

162 Clontarf Road

Dublin 3, Ireland

Tel:[phone]

Fax: [phone] [e-mail] www.petrelresources.com

Petrel Resources plc

("Petrel" or "the Company")

AGM Statement

Petrel will be holding its AGM at 11.00am today. At the meeting, David Horgan, the Managing Director, will be making a presentation, the highlights of which will be as follows:

Iraq

Iraq is the best location in the world to find oil and to produce oil at low cost. A Petrel team has worked in Iraq for the past year to identify obstacles in the way of Petrel obtaining licences.  They are currently examining various potentially significant acquisition opportunities, particularly at provincial level.

Ireland

Woodside, Australia's largest gas exporter, is farming in to Petrel's Porcupine Basin acreage.  Under our Heads of Agreement, which are subject tothe normal approvals and paperwork, Woodside will become operator and 85% partner.  The Irish authorities have welcomed this development, which vindicates their 2011 Licensing Option initiative.

The work programme requiredunder Petrel's Licence Options in the Irish Atlantic Margin has been completed. Regulatory reports will be submitted to the authorities shortly.  The conclusions were encouraging: there are thick sedimentary sections (10km of stratigraphy) in the Porcupine Basin.  The Seismic database has responded well to analysis, and further reprocessing and 3D seismic is now technically justified.

Petrel's technical team has worked up 2 main plays in Quad 35:  A Lower Cretaceous fan mound resting on the Jurassic which has good, proven source rocks. Overlying this are inclined delta clinoforms of Lower Tertiary

age, which show potential sands offering potential targets.  The eastern Quad

35 offers 3 potential prospect levels - another Lower Cretaceous mound on the Jurassic surface, well defined Lower Tertiary deltaic clinoforms, and a Tertiary shelf-edge mound.

In Quad 45 Petrel's technical team has identified 3 potential sand pinch-out plays.  The Quad 45 prospects are not geologically comparable to or in any way affected by the recent ExxonMobil well at Dunquin, in neighbouring Quad

44.  The Dunquin well was a true "wildcat" in that there was no 3D seismic or well control closeby.  While it did not flow oil, it confirmed that extensive oil had been generated in this part of thePorcupine Basin and a 144 foot residual oil column was logged.

Ghana (30% Interest in Pan Andean Resources Ltd)

The oil industry in Ghanacontinues to grow and develop. Petrel holds a 30% interest in a signed 2010 agreement over the Tano 2A onshore/offshore block in ahighly sought after area of Ghana.  We continue to press on with ratification. In the past two years we have been asked to provide certain guarantees which are not requiredin the signed agreement between Pan Andean Resources Ltd and the Ghanaian National Petroleum Corporation (GNPC).  We have provided all reasonable evidence of financial and

technical capability.  We have fully complied with all obligations under the signed PetroleumAgreement, and spent with our partners over €1m to date. There is nothing more we can do. We are pressing GNPC tosubmit the

agreement to the Cabinet and Parliament. Petrel is not alone in awaiting licence ratification; we understand numerous other agreements are similarly in the queue.

ENDS

Enquiries:

Petrel Resources Plc

David Horgan, Managing Director           +353 (0)  87 292 3500

John Teeling, Executive Chairman         +353 (0)  1   833  2833

Northland Capital Partners Limited                  

John Howes / Alice Lane                        +44  (0)   20 7796 8800              

Edward Hutton / Gavin Burnell         

Blythe Weigh Communications         +44  (0)  207 138   3204

Tim Blythe                                                +44  (0)  781  692  4626

Eleanor Perry                                           +44  (0)  755  129 3620

Pembroke Communications

David O'Síocháin                                    +353 (0)  1  649   6486

www.petrelresources.com

 

END

 

 

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