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 […]
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Teeling Updates on 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 […]
Petrel Resources Interim Results
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. […]
Petrel Resources Remains Committed to Iraq
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 […]
Petrel to Revise Iraq Strategy?
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, […]
Petrel Applies to Participate in 4th Oil Licensing Round
Petrel Resources has announced its preliminary results for the year ended 31st December 2010: Highlights: The Subba and Luhais oil field development contract in Iraq is virtually completed. Petrel has received all US$7 million due from the sale of the Company's shareholding in Subba and Luhais. Petrel maintains a 10% profit interest. Petrel has applied […]
Shares in Petrel Jump on Iraq Update
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% […]
Petrel's Shares Jump 14%; Focus "Remains Firmly on Iraq"
Shares in Petrel Resources (LSE: PET) were up 14% this morning following the release of its interim results. Chairman John Teeling confirms that "the focus of Petrel remains firmly on Iraq, but the parameters of operating in the country are changing", and reflects in his summary on Petrel's continuing 'Iraqi odyssey': Interim Results for the […]
Petrel Cuts Subba Stake
Petrel will also receive a 10% profit interest in exchange for surrendering a 50% stake in the oilfield for $7 million.