Petrel Resources PLC Highlights of the Chairman's Statement from AGM (5436F)
July 28 2016 - 6:21AM
UK Regulatory
TIDMPET
RNS Number : 5436F
Petrel Resources PLC
28 July 2016
28(th) 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 28(th)
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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