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