Iraqi Update

Petrel Resources PLC
03 December 2004



                                   Petrel Resources plc



                                                                 3 December 2004





                                       Iraqi Update





Further to its announcement of 27 September 2004, the Company confirms that it
has finalised all outstanding matters on the tenders for the Hamrin and Khurmala
projects in Iraq and awaits a decision. The deadline for submission of the final
commercial offer on the Subba and Luhais project is December 15th.



Contacts:



John Teeling     + 353 87 258 1178

Jim Finn         + 353 86 258 1178

David Horgan     + 353 87 292 3500



Bell Pottinger Corporate & Financial

Nick Lambert     [phone]




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