Petrel Resources plc [PET] - Iraq Update
18 September
2012
Petrel Resources plc (“Petrel” or the “Company”)
Iraq
Update
The board of Petrel Resources (AIM: PET) is pleased to provide an
update on the Company’s position in Iraq. In mid 2012, Petrel appointed a new
Baghdad/Amman based team of Iraqi citizens to review the standing of and
opportunities for Petrel in Iraq. The first objective was to clarify the
position of Petrel with the national authorities in relation to existing and
historic projects in which Petrel has or had an interest. This is
done.
The second objective is to work with national and regional
authorities in Iraq to identify projects in which Petrel can be involved. This
work is ongoing.
John Teeling, Chairman commented: “This is a new start
for Petrel in Iraq. We are long term believers in the massive potential for the
country. We are working quietly with the national and regional authorities to
identify ways forward.”
Petrel Resources is a diversified oil and gas
exploration and production company, with interests in Ghana, Ireland and Iraq.
The company has a signed petroleum agreement in Ghana, holds two licences in
offshore Ireland and recently completed an exploration and production joint
venture contract in Iraq.
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