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. A working agreement was signed 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, 13 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.
The uncertainty in Iraq meant Petrel diversified into other projects. 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 with two more in 2016.
in 2011, Petrel participated in the first Irish Atlantic Bid Round effectively open to juniors. We obtained 2 prospective areas (LO 11/4 and LO 11/6) which were subsquently farmed out to Woodside in 2013.
In 2016, Petrel were awarded a further 2 areas (LO 16/24 and LO 16/25). In 2018, Petrel received a 10% interest in LO16/4, operated by Woodside.