Petrel Resources: Management Q&A

Petrel Resources (LON:PET) with operations in Iraq, Ghana and Offshore Ireland plans to create value for investors by using its experienced team to identify and develop high geological potential areas. Their Interim results released in September show that good developmental progress is currently being made across their project portfolio with the following operational highlights:

  • New management team appointed in Iraq. They have clarified Petrel's relationship with the authorities and are pursuing existing and new opportunities.
  • The Ghanaian authorities have been provided with evidence of Petrel's financial and technical ability to conduct the required work programme on Tano 2A Block.
  • Exploration in Ghana, elsewhere in Africa and in South America, has confirmed the value of the Tano Basin acreage.
  • New exploration data support Petrel's view that the extensive oil shows and seeps on the Tano shoreline are sourced from the prolific Cenomanian-Turonian source sequences of the deeper Tano Basin.
  • Petrel is progressing it's Irish Offshore Option Blocks in the northern and eastern sections of Porcupine Basin. Several new targets have been identified.