Company News Archive
AGM Statement
22 August 2007
Highlights of the Managing Director’s Statement Petrel Resources AGM:
The expected passage of the Iraqi Hydrocarbon Law opens the door to full participation by private companies in exploring for and developing Iraqi oil. Iraq is one of the last great under explored and under developed onshore oil provinces. The exploration success rate is high. Iraq’s oil bearing structures are large with straightforward reservoirs and low geological and engineering risks. The deep horizons which provide most production in neighbouring Saudi Arabia, Kuwait and Iran have to date been largely untouched in Iraq.
In normal circumstances a state oil company would limit foreign involvement, but Iraq’s rare circumstances require attractive terms to entice foreign investment and technology. Our competitive advantage is our relationships built up over 10 years. We have the capacity and the ability to increase quickly recoveries from existing reservoirs and to add new barrels to Iraq’s reserves.
Petrel has been active in Iraq for the last decade. The successful management of the large Subba & Luhais oil field development in Southern Iraq shows that dedicated contractors can operate on the ground. To date, we have suffered no direct incidents and have enjoyed the warm cooperation of local communities. The Iraqi authorities and especially the Ministry of Oil, continue to be committed to and supportive of our efforts.
Petrel continues to have favourable backing from suppliers. Our Iraqi and international staff have shown exceptional dedication and flexibility. Apart from on the ground activities, they have produced tenders for the development of oil and gas fields which are considered the technical benchmark by the relevant bodies. Our Technical Cooperation Agreement analysis and technology transfer was also judged first rate. Our pioneering exploration work in the Western desert blended local expertise with state of the art technology.
In Itochu, our Japanese partner, we have the long term support of one of the world’s largest downstream oil players.
Our shareholders have shown long term commitment in the face of sanctions and war. Though political uncertainty remains, Iraq now has a sovereign elected government committed to developing its hydrocarbons. Legal title to risk sharing agreements will soon be a reality.
Petrel is demonstrating that it can operate in the oil rich South of Iraq. We will continue to aggressively deepen and broaden our activities in this region.
All resolutions were passed at the meeting.
Disclosure of information required by AIM Rule 26
16 August 2007
Petrel Resources today announces that the information required by Rule 26 of the AIM Rules for Companies (February 2007) is available under the heading "AIM Rule 26" within the overview section of the Company's website www.petrelresources.com.
AGM Reminder
16 August 2007
WHEN: Wednesday 22nd August 2007
TIME: 12 Noon
WHERE: Westbury Hotel, Off Grafton Street, Dublin 2.
Dear Shareholder
After official business, David Horgan, will make a presentation on the current state of activities in Iraq.
The AGM will be preceded at 11am by the AGM of Connemara Mining Company. You are most welcome to attend.
Yours sincerely
John J Teeling
Chairman
Information Meeting Reminder
14 August 2007
WHEN: Thursday 23rd August 2007
TIME: 11:30 AM
WHERE: College Hill Offices, The Registry, Royal Mint Court, London EC3N 4QN. (Tower Hill Tube Station.)
Dear Shareholder
At the above meeting, David Horgan, Managing Director, will present an update on developments relating to Petrel projects in Iraq.
The AGM of an associate company, Persian Gold plc, will be held at 12.30pm in the same venue, following the Petrel meeting. You are most welcome to attend.
Yours sincerely
John J Teeling
Chairman