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 […]
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 […]
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 […]
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 […]
By John Lee. Petrel Resources, the AIM-listed, Irish hydrocarbon exploration company with activities in Iraq, Ghana and Offshore Ireland, today announced its interim results for the six months ending 30 June 2012: Operational Highlights: New management team appointed in Iraq. They have clarified Petrel's relationship with the authorities and are pursuing existing and new opportunities. […]
By John Lee. Shares in Petrel Resources (AIM: PET) have rallied more than 25% since the company issued an update on the Company's position in Iraq. In mid 2012, Petrel appointed a new Baghdad/Amman based team of Iraqi citizens to review the standing of and opportunities for Petrel in Iraq. The first objective was to […]
John Teeling, Chairman of Petrel Resources, made the following comments on the company's Iraqi operations in its preliminary results for the Year Ended 31 December 2011: "First formed in the 1980's to explore offshore Ireland, Petrel entered into Iraq in 1999. We worked diligently with the Iraqi Oil Ministry and in 2002 agreed an exploration […]
In its interim results, announced this morning, Petrel Resources said it may review its strategy in Iraq following failure to qualify for bidding in the 4th energy licensing round: After 14 years in Iraq it continues to frustrate. The economy remains fragile, as does the security situation. There is still no hydrocarbon law. As such, […]
Shares in Petrel Resources (AIM:PET) jumped 11% this morning following the company's update on its operations in Iraq. The board announced that Petrel has received the final US$2.5m payment due in relation to the Engineering, Procurement and Supervision of Services (EPC) contract on the Subba and Luhais oil field development. The company retains a 10% […]
At Monday’s AGM of Petrel Resources (LON:PET), the Dublin-based oil exploration company, managing director David Horgan told investors that Iraq is "the best place in the world for oil". “Petrel has raised a total of US$15 million or £10 million from 1994 to date ... It has operated continually in Iraq since 1999 and has […]
