Shares in Petrel Resources fell 7 percent on Tuesday following the publication of the company's Interim Statement for the period ended 30 June 2013.
- · Iraqi investment enhanced through 20 per cent shareholding acquisition in Amira Hydrocarbons Wasit B.V. This deal gives Petrel an immediate effective 5 per cent carried interest through to production in exploration and production licences operated by Oryx Petroleum in Wasit.
- · Heads of Agreement with Woodside, Australia's largest gas exporter, which will become operator and 85 per cent partner in Petrel's operations in the Porcupine Basin.
- · Steps are being taken to expedite the licences on the Tano 2A onshore/offshore block in Ghana, in which Petrel holds a 30 per cent interest in a signed 2010 agreement.
John Teeling, Chairman of Petrel Resources, said:
"The last 10 months have been a period of rapid progress and share price appreciation for Petrel Resources: We now have momentum, good partners in Ireland and Iraq and have plans to drive forward."
Petrel has strengthened its Iraqi investment and added another string to its Iraqi bow, by acquiring a 20 per cent shareholding in Amira Hydrocarbons Wasit B.V.("Amira"). Amira, is the holder of a 25 per cent carried interest in oil and gas exploration and production licences in the Wasit Province of central Iraq. The ultimate operator and funder of the work programme is Oryx Petroleum of Canada, established by the team which built and sold Addax for US$7.3 billion.
This strategic partnership strengthens Petrel's position in Iraq, where it has had a presence since 1999, and allows Petrel to benefit from Amira Industries' reputation and local capability. Amira Industries has been at the forefront of licence acquisitions in the Iraqi provinces and was the first oil company to sign oil and gas exploration and production contracts with the provincial governments of Salah ad Din and Wasit. The Amira deal gives Petrel an immediate effective 5 per cent carried interest through to production in exploration and production licences operated by Oryx Petroleum in Wasit.