By John Lee.
As part of its Interim Statement, Petrel Resources has given the following update on its Iraq operations:
"The political uncertainty and civil strife in the Middle East makes it difficult to be optimistic about our activities in Iraq. But progress has been made. A new government has been formed. The Minister of Oil has been quoted as being in favour of more regional autonomy for the provinces.
"Our partners, the Amira Group and Oryx, are awaiting approvals from the governor of the Wasit Province to undertake seismic followed by drilling. The prospects in Wasit are extremely good. Petrel has a 5% fully carried interest through exploration.
"On spudding of an exploration well a tranche of shares in Petrel will be issued to the Amira Group. If a commercial discovery is made a further tranche of shares will be issued."
(Source: Petrel Resources)