Petrel Resources is an Irish based exploration and production company with a current focus on exploring Ireland’s offshore Atlantic. The (Irish registered) Company was founded in 1983, and listed on the London Stock Exchange’s Alternative Investment Market (AIM) since August 2000.
Petrel’s initial focus was on becoming an Iraqi oil producer, earning risk-adjusted returns. However, Federal contracts available since 2010 were sub-economic on a risk-adjusted basis. Added complications were governance challenges and slowness in ratifying pre-war licences. Following the positive 2018 Iraqi election in which pro-business parties performed well, Petrel is re-building its Iraqi team.
Petrel is a 30 per cent holder, through a local Ghanaian registered company (Pan Andean Resources (Ghana) Ltd.), in a high potential licence application in the Tano Basin, Ghana, close to existing production. Principal targets are of Cretaceous age.
Petrel’s 2011 return to its Irish offshore exploration roots anticipated the success of the 2015 Bid Round, which attracted majors Exxon Mobil, Nexen / CNOOC and Equinor, among others. Rising industry interest in the Atlantic offshore is driven by similarity to the eastern Canada Jurassic play, and the ‘West African’ style Cretaceous play, as well as competitive fiscal terms, higher oil & gas prices, and new technology enabling deeper wells.
Positive 2018 election and security developments now facilitate Petrel’s return to Iraqi oil exploration and development. Petrel is evaluating opportunities for renewed progress in Iraq.
Our strategy is to secure high potential acreage / projects in new and existing oil and gas provinces. This is why we entered Iraq, and subsequently Ghana.
Our data-base and geological knowledge shows that offshore Ireland is prospective; the question was risk versus reward. Higher oil and gas prices, the success of comparable plays elsewhere, and new technology have transformed offshore Ireland’s potential, as shown by the recent arrival of major oil companies.
Petrel pioneered the ‘West African style’ Cretaceous play in its first two 2 Licensing Options since 2011.
The success of the 2015 Licensing Bid Round (in which Petrel was awarded two Licensing Options) was largely due to multiple discoveries among eastern Canada’s “Jurassic Plays” – which are of similar age to the Jurassic rocks in the Irish Atlantic Porcupine Basin.
Adverse developments elsewhere reinforce the advantages of clear legal title and competitive fiscal terms in Ireland.