Petrel Resources PLC Highlights of Statements Made at the AGM (9075L)
24 July 2017 - 9:27PM
UK Regulatory
TIDMPET
RNS Number : 9075L
Petrel Resources PLC
24 July 2017
24(th) July 2017
Petrel Resources plc
("Petrel" or "the Company")
Highlights of Statements Made at the AGM, Dublin 24(th) July
All resolutions before the meeting were passed.
-- Petrel has ongoing activities in the Irish Atlantic Porcupine Basin and in Ghana.
-- The Irish Atlantic Porcupine Basin is now an area of renewed
industry interest - due to apparent similarity to the 'West African
Cretaceous play' and the 'Eastern Canada pre-rift Jurassic play'.
Several majors have entered via the 2015 Bid Round, in which Petrel
won 2 Licensing Options. Several 3D seismic acquisition programmes
were conducted during 2016, with more underway in 2017. A separate
consortium is drilling a deep water well 220 km off the Cork/Kerry
coast. Any major discovery in this basin will transform industry
perceptions and the farm-out market.
-- Petrel holds a carried 15% stake in block FEL 3/14 in the
northern Porcupine Basin, on which the 85% operator Woodside
Energy, is completing an extensive 3D seismic analysis of data
acquired in mid-2016. Circa 1,400 km2 of the state-of-the-art 3D
data was acquired on or around FEL 3/14. The field contractor was
PGS. The data has been processed by contractor DownUnder
GeoSolutions (DUG) operation in Australia. The final seismic
Pre-Stack Depth Migration (PreSDM) seismic data is expected to be
submitted to the operator Woodside Energy, by end July, for working
up drillable targets. Advanced 3D seismic interpretation of several
pre-rift and syn-rift unconformities will be conducted by the
operator, Woodside Energy.
-- This work is intended to de-risk identified Jurassic and
Cretaceous plays that may lead to one or more well commitment in
the 2(nd) work phase, now running 1/9/2018 through 31/8/2022.
-- Water depth of the survey was 500m to 1,300m, but likely
water depth for Petrel's targets is likely to be 600 to 800m. These
are relatively shallow depths nowadays, which should facilitate the
economics of any discovery.
-- Operator Woodside Energy opted not to continue into the 2(nd)
phase on the separate FEL 4/14, in the eastern Porcupine Basin, and
that separate block was relinquished without seismic having been
acquired. This is now subject to arbitration in London. Petrel
contends that Woodside Energy has an obligation to undertake
seismic acquisition on the eastern block FEL 4/14. This is a
separate obligation to that on the northern block FEL 3/14.
-- Progress has been made in Ghana. The newly elected government
is pursuing reforms to improve governance and expedite exploration.
The Ghanaian Ministry of Energy has shown goodwill and renewed
commitment to conclude an agreement.
-- After years of security and governance challenges, Iraq is
maybe opening up to foreign investment and technology. Security
challenges made work impractical in western and north-western
regions - which was exacerbated by harsh fiscal terms. Though
financial and other risks are large, so are the opportunities.
Iraqi oil production had crept up to 4.65 million barrels of oil
daily by the November 2016 OPEC deal, and theoretically could rival
Saudi Arabia's crude exports of over 10 million barrels.
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
ENDS
For further information please visit
http://www.petrelresources.com/ or contact:
Petrel Resources
John Teeling, Chairman +353 (0) 1 833 2833
David Horgan, Director
Nominated Adviser and Broker
Northland Capital Partners
Limited
Edward Hutton / Gerry Beaney
(Corporate Finance) +44 (0) 20 3861 6625
John Howes (Broking)
Public Relations
Blytheweigh +44 (0) 207 138 3204
Nick Elwes +44 (0) 783 185 1855
Camilla Horsfall +44 (0) 787 184 1793
Teneo PSG
Ciaran Flynn +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
This information is provided by RNS
The company news service from the London Stock Exchange
END
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