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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 31st December 2022. The company claims to have […]
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 […]
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 […]
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 […]
By John Lee. In its preliminary results for the year ended 31st December 2020, Petrel Resources made the following statement on its interests in Iraq: "Meanwhile Petrel continues to push its interest in Iraq and Ghana. For the foreseeable future oil will play a major part in world economic development. "Iraq has some of the […]
By John Lee. In its financial results for the six months ended 30th June 2020, Petrel Resources made the following statement on its interests in Iraq: "Petrel is active once more in Iraq after a hiatus since 2010 due to political and financial instability. We negotiated a large exploration block, Block 6, in the Western […]
