PETREL RESOURCES PLC — AGM Information 2016

Jul 28, 2016

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RNS Number : 5436F

Petrel Resources PLC

28 July 2016

28th July 2016

Petrel Resources plc

("Petrel" or the "Company")

Highlights of the Chairman's Statement to the AGM of

Petrel Resources Plc held In Dublin at 12 noon Thursday 28th July 2016.

Ø  The focus of current activity is in the Porcupine Atlantic offshore Ireland where our partner, Woodside   Resources, is undertaking a $6 million seismic survey over Frontier Exploration Licence (FEL) 3/14.  The survey   is 87% complete.

Ø  The seismic will be processed over the coming months.  Assuming that targets are identified a well could be   drilled in 2018.

Ø  In April 2016 Petrel were awarded Licencing Options (LOs) on two areas in the Porcupine.  We believe that   each licence has significant potential.

The first LO which includes blocks 35/01, 26/26 and portions of blocks 26/27 and 35/02.  The ground abuts   the Conamara oil discovery made by BP in 1983.

The second LO is the Eastern Porcupine and includes all of block 45/27 which was covered by 3D seismic in   2013.

Ø  Following completion of an agreed work programme within 2 years Petrel has the option to apply to convert to   full Frontier Exploration Licences.

Ø  Petrel and Woodside have a joint venture on a second licence FEL 4/14.  Discussions are ongoing as to what   will be done on this licence.

Ø  In Ghana, we maintain our legal rights on block Tano 2A.  At the suggestion of the Ministry we applied for a   deeper water block.  We have been invited for discussions, we have accepted and await dates.

Ø  Iraq is at a standstill.  Our best prospect is the 5% full carry to production on ground in the Wasit province   which is a Shia dominated relatively stable area.  The operator is Oryx, a Canadian company.  They have been   unable to obtain drilling permits.

All resolutions were passed at the meeting.

Enquiries:

For further information please visit http://www.petrelresources.com/ or contact:

Petrel Resources Plc

John Teeling, Chairman                                                               +353 (0) 1 833 2833

David Horgan, Director

Dipti Mehta

Nominated Adviser and Broker

Northland Capital Partners Limited

Edward Hutton / Gerry Beaney                                                    +44 (0)203 861 6625

John Howes (Broking)

Public Relations

Blytheweigh                                                                                +44 (0)20 7138 3204

Tim Blythe                                                                                    +44 (0) 7816 924 626

Camilla Horsfall                                                                            +44 (0) 7871 841 793

Megan Ray                                                                                   +44 (0) 7515 857 619

Nick Elwes                                                                                    +44 (0) 7831 851 855

Rachael Brooks                                                                            

PSG Plus

Colm Heatley                                                                                +353 (0) 1 661 4055

Alan Tyrrell                                                                                   +353 (0) 1 661 4055

www.petrelresources.com

This information is provided by RNS

The company news service from the London Stock Exchange

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