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By John Lee.

Irish-based Petrel Resources Plc (LON: PET) has published its preliminary results for the year ended 31 December 2025.

Regarding prospects in Iraq, the company said:

"In Iraq, discussions continued regarding several potential development and gas monetisation opportunities. Iraq remains one of the world's most resource-rich hydrocarbon provinces and continues to offer significant long-term potential. During the year, the Company maintained engagement with government and industry stakeholders. While progress in Iraq can be very slow and often requires considerable patience, we continue to believe that the opportunities available justify our ongoing commitment ...

We will continue to pursue opportunities in Iraq and Ghana, evaluate additional opportunities capable of enhancing shareholder value and maintain strict financial discipline."

(Source: Petrel Resources)

By John Lee.

Irish-based Petrel Resources Plc (LON: PET) has published its consolidated financial statements for the year ended 31st December 2024.

The company's accounts show no assets or liabilities in Iraq. It adds:

"Title to oil and gas assets in Ghana and Iraq can be complex. The Group is currently awaiting ratification of its licenses in Ghana and Iraq."

Regarding prospects in Iraq, the company said:

"An early opportunity may lie in projects to recover and monetise flared gas with contained liquids in southern Iraqi oil-fields. Petrel had made such proposals from 2004 through 2009 on the Subba & Luhais fields, on which we were the EPC (Engineering, Procurement & supervision of Construction) Operator. At that time our client (SCOP) [State Company for Oil Projects] was unable to sign such an agreement for legal reasons - even though it would have substantially reduced their development costs. However, we believe that some or all of the bureaucratic barriers may now have been overcome.

"There has been a recent site visit and early discussion with the authorities by an experienced regional services provider, which has successfully conducted such operations elsewhere.

"We had excellent relations with the local communities, and had negligible security issues when working there previously. It's too early to be sure how such contracts would be structured.

"The Merjan oil field was discovered in 1983 by Mobil, but though economic, never developed due to the sub-economic terms available. From 2004, Petrel was invited by the Ministry of Oil to study how best this discovery could be proven up and brought into production. For best results, such smaller Iraqi fields should be developed under enhanced fiscal terms, to best align the interests of capital providers, operators and the Iraqi State. An updated development proposal was accordingly prepared to reflect financial reality and evolving Ministry guidelines.

"During 2024, Petrel was asked by the Ministry of Foreign Affairs in Iraq for its proposals on how Iraqi oil & gas exports could be de-bottlenecked and boosted. There is considerable scope to improve Iraqi market access, adding value to Iraqi people."

(Source: Petrel Resources)

By John Lee.

Irish-based Petrel Resources last week issued unaudited preliminary results for the year ending 31 December 2024.

The company, which announced a fundraising in March, said that it has submitted a proposal to undertake contractor obligations on a relinquished block from Iraq's 4th Bid Round, and has also prepared an updated development plan for the Merjan oil field. The company said it sees opportunities in recovering flared gas and liquids.

Full statement from Petrel Resources:

Highlights

Market overview

• 2024 set consumption records for oil and LNG consumption, but oil prices fell in early 2025 due to the 'Trump tariff war' triggering fears of reduced demand.
• Uncertainty increases risk and delays investment decisions.
• Available fiscal terms, however, reflect the boom conditions between 2003 and 2014 rather than current market conditions.  States have been slow to update contractual terms to align interests, which deters development.
• Oil explorers are not yet attracting strong investor interest in western markets.  Majors buy shares back and issue dividends rather than invest the c. $610 billion necessary to supply future demand. 

 Assets overview

•  In Ghana, ratification discussions with the Ghanaian authorities on Tano acreage have re-commenced - though acreage adjustments are likely, and governance remains an issue.
•  In Iraq, there may be early opportunities to recover gas and liquids currently being flared.
•  Petrel submitted a proposal to undertake contractor obligations on a relinquished Block from the 4^th Bid Round [Block 8].
•  An updated Merjan oil field development proposal has been prepared.
•  Iraqi oil output was c.4 million barrels daily in Spring 2025, with export growth constrained by contractual terms and OPEC+ agreements.
•  Petrel seeks direct negotiations, where possible, rather than bid rounds, which are expensive and high risk, thus inappropriate for juniors.

 Outlook

The board is considering expansion opportunities in oil & gas, and energy-related projects worldwide. Our group participates in the EU Commission's Critical Resource Minerals' Initiative, which offers attractive diversification given current market conditions.  We offer an established record and potentially high liquidity and capital appreciation for the right story.  As investors re-focus on 'hard industries' and cash flow, this is a time of opportunity.

Recent months remind investors of some eternal truths: market uncertainty has increased, amid armed conflict and trade wars.  Western dependence on Chinese processing of Critical Resource Minerals means that efforts to reduce dependence on fossil fuels will not reduce exposure to distant sources and supply chains.

Policy-makers have discovered the limits of their bold dreams of a Green transition: energy costs have risen rather than fallen.  The new technologies bring new headaches: electricity storage turns out to be prohibitively expensive for grid-scale coverage.  EVs continue to penetrate markets but are price-competitive only in China.  But developed economies prefer to protect their automotive sectors rather than import cheap Chinese EVs.  In such policy myopia lies the roots of the next oil boom.

Like all previous energy transitions, Green sources turn out to be additive to rather than replacing traditional, reliable fuels - which will continue to dominate the 21^st century:

During 2024/25 there were a serious of close-calls, power failures, and brown-outs globally, culminating in the Iberian black-outs of April 2025. These were not the routine power failures common in the global south, or planned "load-shedding" in South Africa. 

These power failures were caused by over-dependence on intermittent renewable generation, allied with inadequate investment in legacy grids designed for centralised, reliable world-scale plants fuelled traditionally by coal, and then increasingly by nuclear and natural gas.  The failure was not that of renewable generation per se, since hydro-power or geothermal generally provide reliable supplies. 

The problem was with unpredictable intermittent generation, which produces Direct Current, rather than Alternating Current, and consequently does not deliver significant inertia to protect against periodic interruptions.  Battery storage, is expensive and would require vast quantities of Critical Resource Minerals to adequately back a grid up.  Traditional storage methods such as hydro are available for only a small percentage of demand.  It turns out that the intermittent renewable generation on which the "Green transition" relies is only suitable for up to 30% of demand which is the natural surplus in electrical systems.  Beyond that point, costs and risks soar.

This means that Natural Gas will continue to dominate electrical generation, both directly, and as essential back-up for the reliability modern economies require.  In price-sensitive markets, coal will continue to dominate.  Nuclear power is also an effective solution, but involves bureaucratic planning requirements, up-front costs, and is opposed politically in some developed societies.

Consumption data bear this out: recent years have seen record demand for oil and even coal.  LNG is now 55% of total traded gas, helped by malicious damage to pipelines and the time needed to extend more gas pipelines to Asian consumers.

Markets are always transitioning, which is why an average 3.75% global economic growth translates into only 2.1% energy consumption growth due to greater efficiencies.  But every energy transition in history has added new fuels rather than substituted them.  Legislators are unlikely to achieve what market forces cannot.

And yet there has been a dramatic under-investment in reliable energy exploration & development since 2014.  This is also true even of those Critical Resource Minerals necessary to fuel the new industries, which include Copper and Nickel as well as Lithium, Cobalt and the other 50-odd minerals.

To maintain adequate oil & gas supplies the world needs about $610 billion of investment (depending on materials' costs and rig-rates), but the industry invests only c.$360 billion - much of it in existing properties and basins of super-majors and National Oil Companies.  There has been little frontier exploration since 2015.  Most of the developing world is starved of investment.  Instead, producers prefer to issue dividends and buy shares back.

Part of the reason is that politicians also display myopia about how to deliver effective exploration.  Risk-investors require a risk-adjusted rate of return.  The higher the uncertainty, the more return investors require.  Best results are achieved by aligning interests, and linking taxes to profits, rather than requiring up-front payments, or royalties.

Formal bid rounds, involving up-front fees, qualification criteria designed for majors, and limited upside, are not how you expedite projects, keep cost control and optimise reservoir recovery.  That is why Petrel prefers direct negotiations, where possible, after which we can bring partners via farm-ins.

But our industry is cyclical, and majors' caution offers opportunities for independents - who have always pioneered new approaches, from offshore drilling to fracking.  So far, the emerging supply constraints have not filtered through to exploration & development.  But when they do, there will be a sharp reversal in sentiment, rewarding those farsighted enough to develop attractive acreage ripe for exploitation.

We have received several approaches offering new oil & gas exploration projects but also in Helium and other energy-related projects.  So far, all prospects have fallen short on legal title, price expectations, or financing terms.  There is no value for Petrel shareholders in over-paying.

Petrel is an EU company, and our involvement in the EU Commission's Critical Resource Minerals' "Team Europe" has fostered relationships with industrial buyers, financing institutions and key decision-makers.  There are surprisingly few juniors able to swim in all these seas.

In the meantime, there is market interest in Petrel's strong shareholder following and liquidity - especially at times of intense news-flow.  Accordingly, we continue to explore expansion opportunities.

Financing

There are contrarian investors keen to fund the right project. As during the pandemic and previous times of turbulence, directors and their supporters are open to covering working capital needs, and are prepared to participate in any necessary, future fundings.

(Source: Petrel Resources)

By John Lee.

Irish-based Petrel Resources Plc (LON: PET) has raised £250,000 through a share placement managed by Novum Securities.

The placement represents a 45% discount to the closing price on 5 March 2025.

According to a statement from the company, the funds will provide additional working capital, supporting Petrel's efforts to secure new oil and gas projects in Iraq and beyond.

Full statement from Petrel Resources:

Petrel Resources Plc (Lon: PET) is pleased to announce that the Company has raised £250,000 (before expenses) through a placing by Novum Securities of 23,809,523 new ordinary shares (the "Placing Shares") at a placing price of 1.05p per Placing Share ("Placing").  Each Placing Share has one warrant attached with the right to subscribe for one new ordinary share at 2p per new ordinary share for a period of two years. The Placing Shares are being issued under the Company's existing share authorities and will represent approximately 11.5% of the Company's issued shares, as enlarged by the Placing. The Placing price represents a 45% discount to the closing price on 5 March 2025.

Use of Funds

The net proceeds of the Placing will provide the company with additional working capital, as Petrel's board continues to assess new projects in Iraq, and elsewhere.

The security situation in Iraq continues to improve, while an investment slow-down since 2014 has led to potential improvements on contract terms which should improve scope for development.

Petrel has recently submitted an application to assume an existing contract east of Baghdad

• 4^th Bid round award in 2012, at a remuneration per barrel of $5.38.
• Block 8 covers 6,000 km2 in Wasit and north-eastern Diyala

Petrel has previously conducted a Technical Cooperation Agreement on the Merjan oil-field in west-central Iraq, in a 50% partnership.

Following the steadily improving security conditions in this part of Iraq, and better global oil and gas prices, Petrel has proposed to develop this discovery under applicable Iraq contracts.

Petrel may be invited to enter into pre-qualification discussions with the Ministry of Oil.  Discussions may also cover Petrel's past studies on the Merjan-Kifl-West Kifl area, and the Mesozoic and Paleozoic potential of the Western Desert. 

Admission and Total Voting Rights

An application will be made for the admission of the Placing Shares, which will rank pari passu with the existing ordinary shares in issue, to trading on AIM which is expected to occur on or around 20  March 2025 ("Admission").

Following Admission, there will be a total of 207,681,323 ordinary shares in issue with each ordinary share carrying the right to one vote.  This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

 David Horgan, Director, commented:

"The supply/demand balance for oil is shifting in Iraq's favour.  New global oil & gas investment falls short of levels needed to support anticipated demand.  The dramatic growth in North American fracked output between 2005 and 2014 is less of a concern for OPEC exporters.  Sanctions on Russia, Iran and Venezuela had constrained the early development of their resources, while demand for oil products and LNG continues to grow - particularly in Asia."  

"As reported recently in connection with BP negotiations, the Iraqi Government plans to streamline contract awards and fiscal terms so as to deliver increased output for Iraq's economic development.  We have the team, experience and skills to participate in the coming boom."

(Source: Petrel Resources)

By John Lee.

Irish-based Petrel Resources last week issued an unaudited interim statement for the six months ended 30 June 2024.

The company, which last year submitted an updated development proposal for the Merjan oil field to Itaq's Ministry of Oil, with a view to finalising a licence agreement, said:

"... the fiscal terms available from most states reflect those which became normal during times of better market conditions (2004 - 2014), but are sub-optimal for explorers.

"Many producing countries, including Iraq, are now talking about improved fiscal terms, but these have not yet been implemented.

"As a result, most successful bidders in international bid-rounds tend to be State Oil Companies, or in some cases majors with excess cash - often bidding uneconomic fiscal terms."

Responding to a question from Iraq Business News, Chairman David Horgan clarified:

"The current economic terms on offer [in Iraq] are not fundable for developers reliant on stock markets, hence the dominance of state-backed Chinese companies and local contractors in recent bid rounds."

(Source: Petrel Resources)

By John Lee.

Irish-based Petrel Resources has claimed that an updated Merjan oil field development proposal has been submitted to the Ministry of Oil with a view to finalising a licence agreement.

The company claims to have an interest in Iraq's Block 6 in the Western Desert, subject to ratification.

Full text of the company statement:

(Source: Petrel Resources)

By John Lee.

Shares in Irish-based Petrel Resources fell more than 30 percent this morning as the company reported, "a material uncertainty that may cast significant doubt on the Group and Company's ability to continue as a going concern," in its audited results for the year ended 31^st December 2022.

The company claims to have an interest in Iraq's Block 6 in the Western Desert, subject to ratification.

Full text of the company statement:

Audited Results for the Year Ended 31^st December 2022

Petrel announces its results for the year ended 31^st December 2022.

A copy of the Company's Annual Report and Accounts for 2022 will be mailed shortly only to those shareholders who have elected to receive it and extracts are set out in the announcement below. Otherwise shareholders will be notified that the Annual Report will be available on the website at www.petrelresources.com.  Copies of the Annual Report will also be available for collection from the Company's registered office, 162 Clontarf Road, Dublin 3, Ireland.

The Company's Annual General Meeting will be held on 27^th July 2023 in the Hotel Riu Plaza The Gresham, 23 O'Connell Street Upper, Dublin 1, D01 C3W7 at 12.00 pm.

ENDS

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

Enquiries:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). The person who arranged for the release of this announcement on behalf of the Company was Jim Finn, Director.

CHAIRMAN'S STATEMENT

Europe is de-industrialising, due to policies hostile to reliable fuels.  But global oil & gas demand continues to recover, as Asia and especially China recovers from C-19 policies, including lock-downs. 

The withdrawal of most major oil and gas players from non-core basins killed the farm-out market from 2014.  Majors who had entered projects in OPEC specific countries, often on uneconomic terms, now seek to exit marginally profitable or non-core projects as they buy shares back and issue record dividends instead of investing in exploration activities.

At the same time, there has been a shortage of institutional investor finance in London for several years now.  Funds are available, but mainly from private clients and traders who demand discounts.  In such circumstances, we have avoided issuing stock and incurring expensive work commitments which would only have diluted shareholders by issuing shares at too low a price.  It is wiser to keep our powder dry and prepare a portfolio of early-stage projects to fund or farm out when markets turn.

However, it is worth remembering that Europe is now less than 15% of global energy consumption.  BRICS+ now have a larger GDP than the G-7.  Europe is in decline, but Asia is not.  The future is in the emerging economies. Australian brokers and investors have profited through the liquidity of Petrel's sister company, Clontarf Energy plc. They are pressing Petrel Resources plc to open its books for greater Australian and Asian participation.  So far, the board has been keen to avoid dilution, but as we roll out high-potential new projects, it may be worthwhile to accept funding - hopefully at much higher share prices.

Petrel has assessed a number of expansion projects in recent months.  So far, none have completed necessary due diligence or in some cases demonstrated available funds on satisfactory terms.

Financing

The directors and their supporters have funded working capital needs during C-19, etc. and are prepared to participate in any necessary, future financing.

David Horgan

Chairman

19 June 2023

 PETREL RESOURCES PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ED 31 DECEMBER 2022

PETREL RESOURCES PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022

PETREL RESOURCES PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE FINANCIAL YEAR ED 31 DECEMBER 2022

PETREL RESOURCES PLC

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE FINANCIAL YEAR ED 31 DECEMBER 2022

 NOTES:

 1.    ACCOUNTING POLICIES

 There were no changes in accounting policies from those used to prepare the Group's Annual Report for financial year ended 31 December 2021.  The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and in accordance with the provisions of the Companies Act 2014.

 2.    LOSS PER SHARE

 Basic loss per share is computed by dividing the loss after taxation for the year attributable to ordinary shareholders by the weighted average number of ordinary shares in issue and ranking for dividend during the year. Diluted loss per share is computed by dividing the loss after taxation for the year by the weighted average number of ordinary shares in issue, adjusted for the effect of all dilutive potential ordinary shares that were outstanding during the year.

 The following tables set out the computation for basic and diluted earnings per share (EPS):

3.    GOING CONCERN

The Group incurred a loss for the financial year of €310,813 (2021: loss of €322,077) and had net current liabilities of €689,811 (2021: €664,924) at the balance sheet date. These conditions as well as those noted below, represent a material uncertainty that may cast significant doubt on the Group and Company's ability to continue as a going concern.

Included in current liabilities is an amount of €857,531 (2021: €767,531) owed to key management personnel in respect of remuneration due at the balance sheet date. Key management have confirmed that they will not seek settlement of these amounts in cash for a period of at least one year after the date of approval of the financial statements or until the Group has generated sufficient funds from its operations after paying its third-party creditors.

The Group had a cash balance of €166,309 (2021: €101,843) at the balance sheet date. The directors have prepared cashflow projections for a period of at least twelve months from the date of approval of these financial statements which indicate that additional finance may be required to fund working capital requirements and develop existing projects. As the Group is not revenue or cash generating it relies on raising capital from the public market.

These conditions as well as those noted below, represent a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern.

As in previous years the Directors have given careful consideration to the appropriateness of the going concern basis in the preparation of the financial statements and believe the going concern basis is appropriate for these financial statements. The financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern.

4.    INTANGIBLE ASSETS

Segmental analysis

Exploration and evaluation assets relate to expenditure incurred in exploration in Ghana. The directors are aware that by its nature there is an inherent uncertainty in exploration and evaluation assets and therefore inherent uncertainty in relation to the carrying value of capitalized exploration and evaluation assets.

During 2018 the Group resolved the outstanding issues with the Ghana National Petroleum Company (GNPC) regarding a contract for the development of the Tano 2A Block. The Group has signed a Petroleum Agreement in relation to the block and this agreement awaits ratification by the Ghanian government.

Relating to the remaining exploration and evaluation assets at the financial year end, the directors believe there were no facts or circumstances indicating that the carrying value of the intangible assets may exceed their recoverable amount and thus no impairment review was deemed necessary by the directors. The realisation of these intangible assets is dependent on the successful discovery and development of economic reserves and is subject to a number of significant potential risks, as set out below:

·    licence obligations;

·    exchange rate risks;

·    uncertainty over development and operational costs;

·    political and legal risks, including arrangements with Governments for licences, profit sharing and taxation;

·    foreign investment risks including increases in taxes, royalties and renegotiation of contracts;

·    financial risk management; and

·    ability to raise finance.

Directors' remuneration of €Nil (2021: €Nil) and salaries of €Nil (2021: €Nil) were capitalised as exploration and evaluation expenditure during the financial year.

5.    OTHER PAYABLES 

It is the Group's normal practice to agree terms of transactions, including payment terms, with suppliers. It is the Group's policy that payments are made between 30 - 45 days and suppliers are required to perform in accordance with the agreed terms. The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe. 

Key management personnel have confirmed that they will not seek settlement in cash of the amounts due to them in relation to remuneration for a period of at least one year after the date of approval of the financial statements or until the Group has generated sufficient funds from its operations after paying its third party creditors. 

6.    SHARE CAPITAL

On 24 October 2022 a total of 20,833,333 shares were placed at a price of 1.2 pence per share. Proceeds were used to provide additional working capital and fund development costs.  For each share subscribed for, the investors also received one warrant to subscribe for an additional ordinary share at a price of 1.8p per share for a period of 2 years. 

7.    SHARE BASED PAYMENTS

The Group issues equity-settled share-based payments to certain directors and individuals who have performed services for the Group. Equity-settled share-based payments are measured at fair value at the date of grant. Fair value is measured by the use of a Black-Scholes valuation model.

Options

The Group plan provides for a grant price equal to the average quoted market price of the ordinary shares on the date of grant. The options vest immediately.

The options outstanding at 31 December 2022 have a weighted average remaining contractual life of 4 years.

Warrants

On 24 October 2022 a total of 20,833,333 warrants were issued at an exercise price of 1.8p per warrant as part of a placing. Further information is note 6 above.

8.    OTHER RESERVES

Capital redemption reserve

The Capital redemption reserve reflects nominal value of shares cancelled by the Company.

Capital conversion reserve fund

The ordinary shares of the company were renominalised from €0.0126774 each to €0.0125 each in 2001 and the amount by which the issued share capital of the company was reduced was transferred to the capital conversion reserve fund.

Share Based Payment Reserve

The share-based payment reserve arises on the grant of share options under the share option plan. Share options expired are reallocated from the share-based payment reserve to retained deficit at their grant date fair value. 

9.    RETAINED DEFICIT

Retained deficit

Retained deficit comprises of losses incurred in the current and prior years.

10.  POST BALANCE SHEET EVENTS

There were no material post balance sheet events affecting the Group.

11.  ANNUAL GENERAL MEETING

The Company's Annual General Meeting will be held on 27 July 2023 in the Hotel Riu Plaza The Gresham, 23 O'Connell Street Upper, Dublin 1, D01 C3W7 at 12.00 pm.

12.  GENERAL INFORMATION

The financial information prepared using accounting policies consistent with International Financial Reporting Standards ("IFRS") as adopted by the European Union included in this preliminary statement does not constitute the statutory financial statements for the purposes of Chapter 4 of part 6 of the Companies Act 2014.  Full statutory statements for the year ended 31 December 2022 prepared in accordance with IFRS, upon which the auditors have given an unqualified report, have not yet been filed with the Registrar of Companies.  Full financial statements for the year ended 31 December 2021 prepared in accordance with IFRS and containing an unqualified report, have been filed with the Registrar of Companies.

A copy of the Company's Annual Report and Accounts for 2022 will be mailed shortly only to those shareholders who have elected to receive it. Otherwise shareholders will be notified that the Annual Report will be available on the website at www.petrelresources.com.  Copies of the Annual Report will also be available for collection from the Company's registered office, 162 Clontarf Road, Dublin 3, Ireland.

(Source: Petrel Resources)

By John Lee.

Petrel Resources has said that Iraq's Ministry of Oil should negotiate Production Sharing Agreements to replace the existing service contracts, as, "this would better align the interests of the parties, and create more wealth, value-added in downstream industries like refined products and petrochemicals, infrastructure and employment for Iraq."

In its unaudited interim statement for the six months ended 30 June 2022, the company mentions that an updated development proposal for the Merjan oil field has been submitted to the Ministry, but adds that it "requires an operating Iraqi Government in order to proceed".

It adds that its Iraqi Director, Riadh Ani, has resigned in order to enter public service.

More here.

The company claims to have an interest in Iraq's Block 6 in the Western Desert, subject to ratification.

(Source: Petrel Resources)

By John Lee.

Petrel Resources has said its Iraqi business is being "re-galvanised" (sic), with data bases being updated, and updated proposals submitted to the incoming administration.

In its audited results for the year ended 31st December 2021, the company said it is strengthening its Iraqi team, and has invested heavily in the training and development of its Iraqi staff.

It adds that its Iraqi Director, Riadh Ani, has maintained strong relationships with Ministry of Oil officials, being "highly regarded as the son of one of the most successful drillers in history: his father Mahmoud Ahmed had run Iraq's North Oil Company, and also the State Iraqi Drilling Company."

More here.

The company claims to have an interest in Iraq's Block 6 in the Western Desert, subject to ratification.

(Source: Petrel Resources)

By John Lee.

Petrel Resources has said that "Iraq remains the biggest commercial opportunity in petroleum today."

In the company's Interim Statement to the markets on Wednesday, Chairman David Horgan added:

"The geology is unsurpassed.  The oil market is sharply recovering.  But contracts must be updated for effective exploration and development."

"The focus is once again Iraq."

The company claims to have an interest in Iraq's Block 6 in the Western Desert, subject to ratification.

More here.

(Source: Petrel Resources)