PETREL RESOURCES PLC — AGM Information 2014

Jul 31, 2014

National Storage Mechanism | Additional information

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RNS Number : 7893N

Petrel Resources PLC

31 July 2014

31 July 2014

Petrel Resources plc

("Petrel" or "the Company")

AGM Statement

Petrel will be holding its AGM at 11.00am today. At the meeting, John Teeling, Executive Chairman, will make the following statement:

Petrel is active in three areas, Offshore Ireland, Ghana and Iraq

Offshore Ireland

The joint venture with Woodside Petroleum on two blocks in the Porcupine basin is going well. Woodside is analysing and reprocessing all available data on the two blocks. They expect to conduct seismic in 2015 with a well likely in 2017.  Petrel holds a 15% interest and is fully carried by Woodside through all exploration up to and including one well on each block.

Ghana (30% Interest in Pan Andean Resources Ltd)

Following an all-party agreement in the Ghanaian High Court, Petrel and their partner Clontarf, have presented a proposal to the Ghanaian authorities highlighting the new co-ordinates of the exploration block.  Petrel and Clontarf are pressing for quick ratification.  Assuming the legal agreement is implemented the outcome is very satisfactory.

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.

Petrel will apply for ground in the forthcoming Irish offshore licence round.

The Board is actively looking at options to enhance shareholder value.

Petrel is fully funded for all current activities.

ENDS

Enquiries:

Petrel Resources Plc
John Teeling, Executive Chairman	+353 (0)1 833 2833
David Horgan, Director	+353 (0)1 833 2833
Northland Capital Partners Limited
Edward Hutton / Gavin Burnell John Howes / Alice Lane	+44 (0)20 7382 1100
Blytheweigh	+44 (0) 207 138 3204
Tim Blythe	+44 (0) 781 692 4626
Eleanor Parry	+44 (0) 755 129 3620
Halimah Hussain	+44 (0) 772 597 8141
Pembroke Communications
Natalie Tennyson	+353 (0) 1 649 6340

www.petrelresources.com

This information is provided by RNS

The company news service from the London Stock Exchange

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