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Market: AIM
Sector: Energy
EPIC: PET
Latest Price: 4.63p  (0,00%)
52-week High: 16.50p
52-week Low: 4.63p
Market Cap: 3.55M
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Petrel Resources
www.petrelresources.com
Petrel Resources is an Irish and London listed oil Exploration Company that listed on the Alternative Investment Market in August 2000. The focus of the Company's operations is in Iraq, where it has been seeking an agreement to develop three existing oil fields in Southern Iraq while applying for exploration acreage in the Western Desert.

Petrel have had a presence in Baghdad for years and have successfully built a strong Iraqi and international team and negotiated with the Iraqi Oil Ministry including the first and largest contract awarded since 2003. As part of the regional cooperation and the technical work that has been undertaken in the region, our staff has gained knowledge of the petroleum systems of the Arabian Peninsula and this has led to the pursuit of select opportunities in neighbouring countries.
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Petrel receives second payment in Iraq deal

11th Nov 2010, 7:31 am The Iraqi stand-off was settled in April

Petrel Resources (LON:PET) said this morning it had received the second tranche of payments relating to the development of the Subba & Luhais oilfield in Iraq.

The US$2.5 million is for hitting certain milestones and follows a US$2 million payment in April. A third and final instalment of US$2.5 million will follow in six months.  

“The expected formation of an Iraqi government should clarify oil policy and enable Petrel to move forward with our Iraqi projects,” the company added in a statement to the stock exchange.

The group revealed in April that it had ended a 20-month stalemate with the authorities with a deal to complete the development on Subba & Luhais with local partner Makman. 

After that it will hold a 10 per cent interest in the project.

 

 

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