Teeling Updates on Petrel Resources

By John Lee.

As part of his statement to the AGM of Petrel Resources, Executive Chairman John Teeling made the following comment on the company's operations in Iraq:

"Petrel has a 5% full free carry on the interests held by Oryx in the Wasit province of Iraq.

"This is held via a 20% shareholding in Amira, which was farmed out to Oryx, a listed Canadian company whose principals have been successful in Kurdistan.

"The Wasit province is stable but no exploration is being conducted at present."

The company's shares have more than halved since February.

(Source: Petrel Resources, Yahoo!)

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