Petrel Resources PLC Highlights of the Chairman's Statement from AGM (5436F)

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 [phone]

David Horgan, Director

Dipti Mehta

Nominated Adviser and Broker

Northland Capital Partners Limited

   Edward Hutton / Gerry Beaney                                                    [phone] 

John Howes (Broking)

Public Relations

Blytheweigh [phone]

Tim Blythe [phone]

Camilla Horsfall [phone]

Megan Ray [phone]

Nick Elwes [phone]

Rachael Brooks

PSG Plus

Colm Heatley [phone]

Alan Tyrrell [phone]

www.petrelresources.com

This information is provided by RNS

The company news service from the London Stock Exchange

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July 28, 2016 07:21 ET (11:21 GMT)