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 […]
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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 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 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% […]
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 […]
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 […]
Petrel will also receive a 10% profit interest in exchange for surrendering a 50% stake in the oilfield for $7 million.