Petrel Resources

Published : July 29th, 2016

Highlights of the Chairman's Statement from AGM

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Keywords :   Frontier | Ghana | Iraq | Ireland | Oil | Water |

Highlights of the Chairman's Statement from AGM

28 July 2016

Petrel Resources plc

('Petrel' or the 'Company')

Highlights of the Chairman's Statement to the AGM of

Petrel Resources Plc held In Dublin at 12 noon Thursday 28 July 2016.

Ø The focus of current activity is in the Porcupine Atlantic offshore Ireland where our partner, Woodside Resources, is undertaking a $6 million seismic survey over Frontier Exploration Licence (FEL) 3/14. The survey is 87% complete.

Ø The seismic will be processed over the coming months. Assuming that targets are identified a well could be drilled in 2018.

Ø In April 2016 Petrel were awarded Licencing Options (LOs) on two areas in the Porcupine. We believe that each licence has significant potential.

The first LO which includes blocks 35/01, 26/26 and portions of blocks 26/27 and 35/02. The ground abuts the Conamara oil discovery made by BP in 1983.

The second LO is the Eastern Porcupine and includes all of block 45/27 which was covered by 3D seismic in 2013.

Ø Following completion of an agreed work programme within 2 years Petrel has the option to apply to convert to full Frontier Exploration Licences.

Ø Petrel and Woodside have a joint venture on a second licence FEL 4/14. Discussions are ongoing as to what will be done on this licence.

Ø In Ghana, we maintain our legal rights on block Tano 2A. At the suggestion of the Ministry we applied for a deeper water block. We have been invited for discussions, we have accepted and await dates.

Ø Iraq is at a standstill. Our best prospect is the 5% full carry to production on ground in the Wasit province which is a Shia dominated relatively stable area. The operator is Oryx, a Canadian company. They have been unable to obtain drilling permits.

All resolutions were passed at the meeting.

Enquiries:

For further information please visit http://www.petrelresources.com/ or contact:

Petrel Resources Plc

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

David Horgan, Director

Dipti Mehta

Nominated Adviser and Broker

Northland Capital Partners Limited

Edward Hutton / Gerry Beaney +44 (0)203 861 6625

John Howes (Broking)

Public Relations

Blytheweigh+44 (0)20 7138 3204

Tim Blythe +44 (0) 7816 924 626

Camilla Horsfall +44 (0) 7871 841 793

Megan Ray +44 (0) 7515 857 619

Nick Elwes +44 (0) 7831 851 855

Rachael Brooks

PSG Plus

Colm Heatley +353 (0) 1 661 4055

Alan Tyrrell +353 (0) 1 661 4055

www.petrelresources.com

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Ghana | Iraq | Ireland | All
Gold and Silver Prices for these countries : Ghana | Iraq | Ireland | All

Petrel Resources

CODE : PET.L
ISIN : IE0001340177
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Petrel is an exploration oil company based in Ireland.

Petrel is listed in United Kingdom. Its market capitalisation is GBX 338.9 millions as of today (US$ 381.1 millions, € 315.6 millions).

Its stock quote reached its highest recent level on December 17, 2004 at GBX 99.65, and its lowest recent point on July 05, 2019 at GBX 0.89.

Petrel has 99 681 992 shares outstanding.

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Project news of Petrel Resources
10/15/2012Petrel Resources - Question & Answers
9/20/2012plc [PET] - Update on Irish Offshore Exploration
7/25/2012PLC [PET] - Irish offshore exploration presents new potentia...
Corporate news of Petrel Resources
7/29/2016Highlights of the Chairman's Statement from AGM
6/30/2016Commencement of Seismic Programme
6/25/2016Preliminary Results for the Year Ended 31 Dec 2015
6/23/2016Ghanaian Negotiations
6/11/2016Offshore Ireland Licences Accepted
6/4/2016Award of Offshore Ireland Licences
5/26/2016Update on 3D seismic surveys in the Irish Atlantic
10/14/2014Update on Ghana Legal Proceedings
3/27/2014Press Reports re Ghana licence
6/28/2013FARM-OUT AGREED FOR OFFSHORE IRELAND ACREAGE
6/20/2013Preliminary Results for the Year Ended 31 December 2012 Petr...
5/14/2013PLC RNS - Porcupine Basin data room opened and farm out disc...
4/2/2013plc RNS - Technical Update on Irish Atlantic Margin Prospect...
11/12/2012plc (PET) - Technical Update on Irish Atlantic Margin Prospe...
9/26/2012plc - (PET) Interim Statement for the period ended 30 June ...
9/18/2012plc [PET] - Iraq Update
6/25/2012plc [PET] - Preliminary Results for the Year Ended 31 Decemb...
8/8/2011PLC - RNS - 4th Oil Licencing Round in Iraq
7/28/2011Plc - RNS - Result of AGM
6/27/2011Plc RNS - Preliminary Results for Year Ended 31 December 201...
5/13/2011- Iraq Update
7/26/2010Chairman's Statement at the AGM July 26 2010
4/26/2010Work Re-Starts in Iraq
9/28/2009PET RNS 280909 Interim Results 2009
8/14/2009Investors Chronicle Article
7/30/2009PET RNS 300709 AGM Resolutions Passed
6/17/2009Preliminary Results for YE 311208
9/26/2008Interim Results for the Six Months Ended 30th June 2008
6/20/2008Final Results for YE December 31 2007
6/28/2007 Preliminary 2006 Results
5/22/2007Production Sharing Agreement in Jordan Finalised
5/1/2007awarded Production Sharing Agreement in Jordan
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