Wasit provincial contracts

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  • 20% shareholding in Amira Hydrocarbons Wasit B.V.
  • Equates to 5% carried interest in exploration and production licenses in the Wasit Province
  • Gross prospective resources of 1,010 mmbbl
  • Operated by Oryx Petroleum
  • Oryx identified five principal leads, seismic acquisition in 2014

Transaction Rationale

Diversification in core area:

  • Strengthens Petrel’s position in Iraq, where it has had a presence since 1999
  • Greater certainty of value to shareholders by diversifying the inherent risks associated with frontier oil and gas exploration

Step change in resource potential:

  • NSAI independent evaluation estimates 1,010 mmbbl of best estimate unrisked gross prospective oil resources, contained in five principal leads; NPV10 $7,695m
  • Risked resources 193 mmbbl (CoS 19%); risked NPV10 $1,468m
  • Expands Petrel’s exploration programme scheduled for the next 18 months
  • Seismic acquisition in 2014

Combination of Iraq relationships and technical expertise:

  • Operated by Oryx Petroleum, a TSX listed E&P with market cap of $1.4bn
  • Strategic partnership with Amira’s parent company, Amira Industries, allows Petrel to benefit from Amira Industries’ reputation and local capability in Iraq
  • Petrel given a right of first refusal to participate in future exploration and production licences in the Iraqi provinces of Muthanna, Karbala, Babil and Najaf, once secured by Amira Industries



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