Operations

Petrel Resources is operating in:

The Right Areas

IRELAND: New potential oil province. Petrel acquired two licences in the Porcupine Basin, offshore Atlantic Ireland as part of the 2011 Licence Option round. These Licence Options were converted to two Frontier Exploration Licences (FEL) in early 2014; FEL 3/14 ("Licence 3/14") and FEL 4/14 ("Licence 4/14"). Petrel holds a 15% substantially carried interest through one well on each FEL, with an operating 85% interest held by Woodside Energy.

Petrel had its early work verified by Independent Resource Estimate Review by Senergy Consultants (Ltd) in 2014. The report estimates a total un-risked prospective resource on the acreage of about 2.2 billion barrels, giving a potential recoverable resource attributable to Petrel of 327 million barrels of oil equivalent ('High Estimate') on the two licences.

GHANA: New oil province since 2005, finds continue apace in Tano basin. Petrel has a 30% interest in the highly prospective onshore/offshore Tano 2A Block. Signed Petroleum Agreement now awaits ratification.

IRAQ: Producing 3 million bopd; potential to reach 9 million bopd. Government is becoming more active to engage with Juniors. Petrel has interests in two high potential projects; new management team pursuing these and new projects.

The right properties

Location

Licences

Structure

Size

 Date

Ireland – Porcupine Basin

2 Blocks –

 3 Year FEL

15% Ownership

1,050 sq km

January 2014

Iraq – Block 6

 

100% Ownership

10,000 sq km

Awaiting Approval

Ghana
Tano 2a

1 Block

30% Ownership

1,532 sq km

Petroleum Agreement signed; Awaiting Ratification

 

At the right time

  • Emerging markets continue to drive growth
  • Supply tightening
  • Political instability in key producing countries
  • Majors are cash rich and reserve poor

 

 

THIS PAGE WAS LAST UPDATED ON 24 MARCH 2015

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