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By John Lee.

Shares in Irish-based Petrel Resources were trading 20 percent down on Friday after the company said it had reached a settlement in respect of the disposal of 2.2 million Petrel shares by Amira Petroleum's advisers notwithstanding a lock-in agreement entered into on 19 August 2013.

According to the company:

 On 14 August 2013, the Company announced that it had agreed to acquire from Amira Petroleum N.V. ("Amira Petroleum") a 20 per cent shareholding in Amira Hydrocarbons Wasit B.V. ("Amira"), the holder of a 25 per cent carried interest in certain oil and gas exploration and production licences in the Wasit Province of Iraq.

The consideration for the acquisition included the issue of 18,947,368 shares in Petrel (representing 19.82 per cent of the enlarged issued share capital of Petrel ("the Initial Consideration Shares"). The Initial Consideration Shares were agreed to be locked-in until the date of spudding the first conventional oil well in respect of Amira's interest in the Wasit province (the "Spudding Date") but that, if the Spudding Date had not occurred by 19 August 2018, Petrel could, amongst other things, elect to re-acquire the Initial Consideration Shares for a nominal amount.

As part of the agreement with Amira Petroleum, 2.8 million of the Initial Consideration Shares were, at the direction of Amira Petroleum, issued to its advisers in satisfaction of fees payable by Amira Petroleum ("the Adviser Shares") and were subject to a lock in agreement as detailed above.

As of the date of this announcement, the Spudding Date has not occurred.

During December 2017, Petrel learnt that 2.2 million of the Adviser Shares had been sold between March and July 2017, notwithstanding the lock-in agreement.

The parties have reached a settlement and agreed that the vendors of the 2.2 million Adviser Shares shall make a payment of £100,000 to the Company (representing approximately 4.5p per Adviser Share sold).  The remaining Adviser Shares shall remain subject to the lock-in agreed in 2013.

This announcement contains inside information for the purposes of Article 7 of EU Market Abuse Regulation 596/2014.

(Sources: Petrel Resources, Google Finance)

By John Lee.

In its Interim Statement for period ended 30 June 2015, Irish-based Petrel Resources issued the following update on its operations in Iraq:

"Our third theatre of activities is Iraq, where we have had a presence for 18 years. The original Petrel interest was in Block 6 in the Western Desert between Baghdad and the Jordanian border. That is, and is likely to remain, a no-go area.

"Two years ago we established a close relationship with a well-connected Iraqi family by acquiring a 20 per cent interest in Amira Hydrocarbons Wasit. Amira has a joint venture with a Canadian company, Oryx Petroleum, in the Wasit province.

"We bought, for cash and shares, an effective 5% free carry through exploration on any Oryx activities in Wasit. The acquisition refocused our efforts on one of the world's premier hydrocarbon basins and provides our shareholders with greater exposure to the world class hydrocarbon potential in Iraq.

"The Wasit Governorate is a Shia controlled province between Baghdad and the Iranian border, and is relatively stable. Like most of Iraq, it is very prospective for oil yet only lightly explored.

"Our belief was, and is, that a federal system would evolve in Iraq. This belief was based on events in Kurdistan. Should this happen, governors can sanction exploration in their own provinces. To date this has not happened.

"The shares in Petrel, given to Amira, will be extinguished if exploration does not happen by 2018. Nothing is happening at present. Petrel incurs no costs."

(Source: Petrel Resources)

By John Lee.

In a statement to the company's Annual General Meeting in Dublin on Wednesday, the Chairman of Petrel Resources, John Teeling, said that there is "virtually no activity" at the company's interests in Iraq.

"The Block 6 acreage in Anbar province is a no-go area. There remains a belief that the authorities in Wasit province will agree to exploration permits which will enable drilling by our partner Oryx Petroleum," he said.

(Source: Petrel Resources)

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)

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!)

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.

Highlights:

• · 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."

Iraq

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.

By John Lee.

Shares in Irish-based explorer Petrel Resources were up as much as 20 percent in early trading on Wednesday following the announcement that the company has agreed to acquire a 20 percent shareholding in Amira Hydrocarbons Wasit B.V. ("Amira"), which is the holder of a 25 per cent carried interest in certain oil and gas exploration and production licences in the Wasit Province of Iraq. The shares later fell back to almost to Tuesday's closing price.

Highlights

• Strengthens Petrel's position in Iraq, where it has had a presence since 1999.
• Strategic partnership with Amira Industries N.V. ("Amira Industries"), Amira parent company, allows Petrel to benefit from Amira Industries' reputation and local capability in Iraq.
• Equates to a 5 per cent carried interest through to production in exploration and production licences operated by Oryx Petroleum in the Wasit Province of central Iraq.
• Petrel given a right of first refusal to participate in future exploration and production licences in the Iraqi provinces of Muthanna, Karbala, Babil and Najaf, once secured by Amira Industries.
• Arman Kayablian, COO of Amira Industries N.V., will join the board of Petrel as a non-executive director.

David Horgan (pictured), Managing Director of Petrel, commented:

"We are delighted to announce the expansion and diversification of our exploration portfolio with this acquisition. Petrel has a long-standing interest in Iraq. Following the recent farm out of our Irish acreage, the acquisition refocuses our efforts on one of the world's premier hydrocarbon basins.

"The addition of Amira's assets to our portfolio and the joint venture with the Kayablian family provides our shareholders with greater exposure to the world class hydrocarbon potential in Iraq.

"We are delighted to welcome Arman to the board and we look forward to working with him."

Lawrence Kayablian, Chairman of Amira Industries, commented:

"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 governments of Salah ad Din and Wasit. The group has developed local relationships which facilitate timely provincial government approval of its projects.

"The exposure to Petrel's assets in Ireland and Ghana and the addition of a strong operating team provides Amira Industries with a broader range of exploration opportunities in Iraq and internationally and we look forward to working with Petrel to expand our activities across the region."

(Sources: Petrel, Yahoo!)

Amidst all the news of increased violence in Iraq, this week has seen many positive news stories, including a $700-million contract win for Daewoo at the Akkas gas field, and the shares of two oil explorers rebounding strongly.

But staying on energy matters, we cannot escape the continuing problem of reduced oil exports. Sabotage of the Kirkuk-Ceyhan pipeline, together with technical problems at the Southern ports, are keeping exports 500,000 barrels per day below budget.

That's roughly $50 million in lost revenue every day, $1.55 billion every month, or $18.25 billion over the year -- money that the Iraqi people cannot afford to lose.

Iraq needs a determined effort to solve these problems as a matter of urgency.

By John Lee.

Shares in Irish-based exploret Petrel Resources jumped more than 37 percent on Friday, following the announcement of a possible deal in Iraq.

The Board said that negotiations on "a potential Iraqi investment are at an advanced stage whereby a private company with extensive hydrocarbon interests in Iraq would inject an asset into Petrel in return for a minority shareholding in Petrel as well as board representation."

(Sources: Petrel Resources, Yahoo!)

By John Lee.

The board of Petrel Resources has reluctantly accepted the resignation with immediate effect of Guy Delbès (pictured), who was instrumental in bringing the company to Iraq.

A statement from the company continued:

"Following his 84th birthday Guy is seeking to reduce his business interests.

"A former French diplomat, Guy Delbès has served with distinction on the Board of Petrel Resources plc since 2000. His energy and optimism belie his five decades of Middle East experience.

"A fluent Arabic speaker, Guy facilitated the Company's entrance into the Iraqi Oil Industry. Throughout the period of sanctions and conflict, he operated in hazardous and challenging environments without complaint and displayed a quiet courage that calmed everyone he worked with.

"He led from the front, travelling in Baghdad and elsewhere during the worst of the issues in-country. He was always courteous, exuding an air of experience and agreeable authority that calmed nervous young militia at check-points.

"The Company will be appointing a replacement non-executive Director on or before 8th February 2012."

(Source: Petrel Resources)