Petrel Resources was originally known as Kish, an Irish exploration company, set up in 1982. Petrel Resources was established in 1997, through a name change of Kish, and was subsequently listed on AIM in 2000 with a clear objective of developing Iraqi assets. A working agreement was signed in to explore Block 6 in 2002. The change in power following 2003 meant all ratification on blocks were upheld until a hydrocarbon law was put in place, 9 years later we still await the implementation of the law and ratification of the block. In the interim period and while awaiting the ratification, Petrel, in 2005, was awarded an EPC contract for the upgrading of Subba & Luhais fields, value approximately $197m. A JV was signed with Iraqi group, Makman, to develop Subba & Luhais, in January 2006. Simultaneously a technical cooperation agreement was signed in Merjan field in 2005 and a cooperation agreement with Itochu in September 2006. The Merjan work was completed in 2008, while the company sold its 50 per cent stake in the Subba & Luhais project to a local company for $7 million in 2011. New management is in place and progress is being made.
The uncertainty in Iraq has meant Petrel diversifying into other projects which offer high potential. In 2010 Petrel took a 30 per cent stake in a local Ghanaian registered company Pan Andean Resources Ltd. Pan Andean has a signed Petroleum Agreement and awaits ratification. In the meantime Petrel has returned to its roots in Ireland and in 2011 was awarded two Licencing Options in the Porcupine Basin. These are currently being proved up.
THIS PAGE WAS LAST UPDATED ON 11 DECEMBER 2012