Petrel Resources PLC
22 July 2005


The following statement was made by the Managing Director at the AGM,
Dublin, 12 Noon July 22nd 2005


Petrel is in discussions to extend its area of exploration interest in Iraq. Any
new acreage will be under the transitional Technical Cooperation Agreement
developed by the Iraqi Ministry of Oil, while the new elected government
determines future energy policy.

Petrel's study of the East Safawi block in Jordan close to the Iraqi border has
been positive. We are moving to the next stage by deepening our analysis and
negotiating a Production Sharing Agreement with the Jordanian authorities. Once
a satisfactory agreement is in place a work programme will commence. This
programme is likely to include seismic and one or more wells once we are
satisfied with drilling locations.

Our partners, including many of the world's premier suppliers, continue to give
excellent support. This week Petrel engineers submitted detailed technical
clarifications on the Kormor Gas Project tender in northern Iraq to the Ministry
of Oil.

We understand that Iraqi Ministry of Oil officials are satisfied with technical
and commercial clarifications to our Subba & Luhais oil field development tender
of late 2004. Last week we signed a Memorandum of Understanding with GE on the
Subba & Luhais project. Both the Kormor and Subba & Luhais projects are in
relatively stable areas where it is still possible to work. It is not practical
to work in the central and western region presently.

Petrel has received, despite requests, no official confirmation of the awards of
Hamrin and Khurmala projects. Based on industry sources and media reports, we
assume these are gone.

Subba & Luhais remains our priority oil project, as it has been since 1999. We
continue to conduct regional work on Western Desert Block 6 and neighbouring
areas. Despite security challenges, we remain committed to expand our Iraqi
activities.

All resolutions were passed at the meeting.


Contact

David Horgan + 353 87 292 3500
John Teeling + 353 1 833 2833
Jim Finn + 353 1 833 2833


Bell Pottinger Corporate & Financial

Nick Lambert + 44 (0)7811 358764


Rowan Dartington

Barrie Newton + 44 (0)117 933 0011


This information is provided by RNS
The company news service from the London Stock Exchange

I just noticed that BLT on advfn had posted that it was up 32% in Berlin, that is correct it has now caught up UK prices with that leap, the ask is 41p.

So, what news from the Camp Teeling?

What was the volume on the Berlin Bourse to create that rise ????

If it went up on paltry volume, it will come back down again just as quick, if no news comes out, as has been the case MANY times before with this stock.

Why would Berlin buyers rush to get PET ????

If there was any news or rumour, it would be on the UK market in no time, not in Berlin ....

Cheers,
PM

bizarre. i did see some cr*p about attempts to ramp oil prices as a result of the crisis in america, but i can't believe that would cause the rise - besides, why pet anyway?

will post here if i find any concrete info.

Skids Hi,

Your more likely to find concrete, than PET are to find oil :))))

Cheers,
PM

lol

Anyone any idea why this is up again and nearly 50% increase in a couple of days? Is there something going on behind the scenes?

Check out BLT's postings in the ADVFN board - some specualtion re Jordan. However, this time I suspect something good will come out of this - just a feeling so please don't hold me to it!. This share is very speculative and at times very exciting but please DYOR and good luck to all investors.

still rising ....

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

indeed wilbs

just look at price go wow
Petrel Resources PLC
07 September 2005


SHAREHOLDER UPDATE


The Iraqi Ministry of Oil has informed Petrel Resources that Petrel has been
awarded the Subba and Luhais oil field development service contract. The project
is to develop existing proven reserves as contractor to the Ministry of Oil. The
contract envisages daily production of 200,000 barrels of oil and 100 million
cubic feet of gas.


John Teeling, Chairman, said 'We are absolutely delighted to be successful in
the tender for Subba and Luhais. I hope that this is only the beginning of a
long and fruitful partnership between the Iraqi oil industry and Petrel.
Congratulations and thanks are due to David Horgan, Mahmoud Ahmed and their team
for their years of dedicated work.'


David Horgan, Managing Director, commented 'The contract for $197 million, is to
develop the Sabba and Luhais fields from under 50,000 barrels of oil to over
200,000 barrels of oil daily within a

At long last!! The news we have all been waiting for. Tree shake time and im sure there will be loads of press coverage tomorrow and maybe back upto 160p.

it may not rise to that level just so quickly IMO. i've taken profits just to be safe. good luck to those that stay.

got these @111 nearly sold them @26 the other day was fed up waiting, right now have just cracked the whiskey bottle open, gonna sit back for a little ride on the big dipper (there must be a God) cheers to all holders who waited
Mort

Hit 130p on hint of a deal last year, now awarded the biggest contract in the countries history, people will wake up in the morning with SP above 300p

We still have DH & gang over in Jordan at the moment working on the Jordanian PSA (agreement), once an RNS is released announcing this deal, we shall be looking at 1.50+.

Well done to all those who stayed in, as it certainly has been a roller coaster ride!!!


good luck all

Tokyo

Tokyo: Patience is a virtue they say, but particularly in the case of Petrel. I am glad holders and Directors have been rewarded so handsomely. Will wait to read the doomster posts now. JT

Nice to see you all succeed; just a thought, but why not take a profit and go into CHP. Even though it is up from 5p, a few of us believe it has some very good news to come out. Like you with PET we are waiting, but read the thread and see what you think.

Been in PET for nearly 18 months. Finally got sick of waiting for something positive on Monday. With a heavy heart I sold out.

: (

The above is somewhat understated.
The one consolation is that I'm enjoying the CHP hillclimb.
Does anyone have any meat to put on the bones of the contract award in terms of likely revenues and margins that PET will retain as a result of developing the oilfields?
Sick. Very.

All looking good here for holders.

Congratulations.

Deserved.