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

Thanks Wilbs - should add a few pence on the opening bell, and then up and onwards!!

App its on two pages of the financial times page 24 and back page.

From over the road.
Whole huge articel in Mail, they reckon further contracts, say Pet has two year lead over others, will PET get snapped up. Buy the Mail quick brillliant articel

From Daily Mail online

Investors rewarded for faith in Petrel

Geoff Foster on Yesterday's Trading, Daily Mail
8 September 2005
YOU have to have nerves of steel to be a shareholder in Petrel Resources. The speculative oil exploration company ruined many family Christmas celebrations last year by crashing to 27p (from 97p) on an unconfirmed agency report that it had lost out on the first post-Iraqi war oil development contracts to Turkish and Canadian firms.

Petrel failed to clarify the situation, and so hundreds of private investors nervously sold and lost a packet. Those with deeper pockets, or gung-ho patience, held on amid hopes that the worm would turn. Yesterday it did.


Petrel gushed to 103p before closing 62p higher at 98p on the long-awaited announcement that the Iraqi ministry of oil has awarded it the 107m Subba and Luhais oilfield development service contract.

The contract envisages daily production of 200,000 barrels of oil and 100m cubic feet of gas.

All of the major oil companies would love to be in Iraq, but it will take them at least two years to get involved.

Petrel is the only European company with a foot in the door. Its relationship with the Iraq oil industry should prosper, and other contracts should follow.

Iraq is the least-explored of the oilrich countries. It has the world's second largest oil reserves, and new exploration will probably raise it to 200bn -300bn barrels of high-grade crude, which is extraordinarily cheap to produce.

There should be a gold rush of profits for oil in the post-Saddam era and Petrel has a head start.

wilbs

happy to be another holder.

watcher

pet applied for several contracts, i suspect there is more to come

Why is the price so low, it should be 120p today.

Stop losses being triggered and small PI's selling out with a small profit? I think the MM want this stock and at a cheap price cos they know whats coming if PET get something else & then poss the instutions will want in.
Well thats my opinion.

petrol is in heavy demand winning a contract in iraq means the share price will go over the roof maybe 10.00 pounds in a short time

I cant see it hitting that azad. It would be nice though.

Azad, does your last post mean that the renewed ramping of PET has already officially started?
LOL

azad..... 10.00 pounds!!!! errr... wake up.

azad - Even as a keen PET supporter, I can't see 10 pounds. In the short term after the Jordanian PSA we may see 2 pounds+.

10 pounds is years away, after they have Profit Sharing Agreements in place with the Iraqis and are pumping out alot of oil. If you are still around for that, then power to you man!!!

Agree Toyko. This time last year the thread was buzzing and a sp of 500p was flying. Realisticly I see 200p. As DH is in Jordan at the moment, he may have some more good news next week. Well, lest hope so.

Me too Wilbs, as I'm all for locking in profit, but until DH comes back from Jordan with what we all know shall be a PSA as both sides had previously expressed such an interest, it would be crazy to sell. A few more days and a lot more cash is my view

Did you sell any on the drastic fall? I remember you were the topup king at the time!! Its taken time but I can't see any downside.
This is from the charimans statement.
'We continue to be encouraged by the Oil Ministry to submit tenders for new projects. In April 2005, we submitted a multi volume tender to develop the Kormor field in Kirkuk'.
Has this tender been awarded yet?
Im sure this is the first of many awards of contracts that PET will tender for and win.

Hey Wilbs, guess it is just us on here at the moment, Kormor has not been awarded yet.

Managed to get out last year before the big fall, and then bought back in, and have been topping up all the way until last week when I got my last lot at 29pence
I haven't sold any today, as I realistically see an SP of 150-200 as soon as the Jordanian PSA is announced.

with two big deals under their belt, PET will look even more attractive as a take over bid or for a long term investment by one of the larger financial houses. either way as PI's we win!!!

Totally agree Tokyo. As its just us at the mo I think its only right to get the old thread back? There were some good discusions on there. I will now retrieve it.

Out all day at County Show - Just back.
I never offer advice but go slower on the aspirations guys
The last thing Teeling wants right now is a backlash from the locals on any suspicion of fast bucks. Keep it controlled, think what an Iraqi would see as OK
Just let it happen - time is on our side
PS A single thread would be a good idea.

Wait until Jordan news and remining bid potential - put that with oil staying in region of current prices and 10 maybe a bit high target but I don't think 5 is... certainly before end of year.