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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.
Full Petrel Resources profile here
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Petrel Resources knows what it wants and has the cash

27th Jun 2011, 7:59 am by Giles Gwinnett The company narrowed its operating loss to €849,826 from a loss of €6.55 million in 2009 and posted a pre-tax loss of €836,052 compared to a pre-tax loss of €6.52 million in 2009

Petrel Resources (LON:PET) has over US$6million in cash and is well funded to advance its activities when it gets necessary approvals, it says.

The firm released its prelims for the year to 31 Dec 2010 today, in which it summarised its activities in Iraq, Ghana and now offshore Ireland.

"We know what we want to do and have the cash to do it. Many shareholders have been patient for a long time and we appreciate that support," said the firm in a statement.

The company narrowed its operating loss to €849,826 from a loss of €6.55 million in 2009 and posted a pre-tax loss of €836,052 compared to a pre-tax loss of €6.52 million in 2009.

In southern Iraq, after a chequered history, the firm said the Subba and Luhais project will be completed by the end of the year and that it had now received all the US$7million due for the sale of its shareholding there.

The project, in which Petrel retains a 10 percent profit interest, is now 94 percent complete, it said, and the field will soon produce 200,000 plus barrels of oil per day.

The company has also applied to take part in the fourth oil licencing round in Iraq and is awaiting an agreement for its 10,000 sq km Western Desert Block 6, where it originally started work in 2000.

Meanwhile, while waiting for a clear path in Iraq, the company said it applied - along with a consortium of four companies - for the onshore/offshore block in Ghana -  Tano 2A, close to the massive discoveries of Tullow and Kosmos.

The target is a multibillion barrel discovery in the prolific cretaceous geological structure. The agreement is now working its way through cabinet and parliament.

The agreed work programme entails a minimum spend of US$25 million in the first three years. Petrel said it had already acquired, processed and analysed 769 km of seismic and identified a number of promising areas.

Offshore Ireland, the firm, which previously explored this area but found nothing commercial, has submitted applications for blocks in the Porcupine basin in the Irish Sea, it added.

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