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

 

THIS PAGE WAS LAST UPDATED ON 12 NOVEMBER 2013

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