By John Lee.

Petrel Resources Plc (Lon: PET) has announce that the company has arranged a placing with ETX Capital to raise £250,000 (before expenses) via the issue of 7,692,308 new ordinary shares (the “Placing Shares”) at a placing price of 3.25p per Placing Share.

Subject to the appointment of responsible officials by the new Iraqi Government, and the lifting of Covid-19 restrictions, Petrel expects to enter into re-qualification discussions with the appropriate decision-makers at the Ministry of Oil.  Discussions may cover Petrel’s past studies on the Merjan-Kifl-West Kifl area, and the Mesozoic and Paleozoic potential of the Western Desert.

Pending, such discussions, this investment will strengthen the company’s Balance Sheet.

David Horgan, Director, commented:

Petrel is fortunate to have maintained strong relationships with Ministry of Oil officials, even during the darkest hours of sanctions, invasion, conflict, and Covid-19.  Our Iraqi Director, Riadh, is a son of the renowned “driller”, Mahmoud Ahmed.  In Iraq we found World-class geology.

“Prevailing circumstances obliged Petrel temporarily to dis-engage from on-the-ground operations in 2010.  We saw too many challenges – both governance, political and financial – to justify risking Shareholders’ funds given the then-limited upside available.”

“Recent events are transforming this situation. A three-way rivalry among Saudi Arabia, Russia and American producers – aggravated by an unprecedented demand-hit caused by Covid-19 – crashed the oil price.  This cripples high cost operations offshore, and unconventional reservoirs.  As a low-cost producer, Iraq is now well positioned to exploit this historic opportunity.  I believe that Petrel has the experience, contacts and board commitment to help drive forward the next phase of Iraqi oil development.

(Source: Petrel Resources)

By John Lee.

Petrel Resources Plc (Lon: PET) has announce that the company has arranged a placing with ETX Capital to raise £250,000 (before expenses) via the issue of 7,692,308 new ordinary shares (the “Placing Shares”) at a placing price of 3.25p per Placing Share.

Subject to the appointment of responsible officials by the new Iraqi Government, and the lifting of Covid-19 restrictions, Petrel expects to enter into re-qualification discussions with the appropriate decision-makers at the Ministry of Oil.  Discussions may cover Petrel’s past studies on the Merjan-Kifl-West Kifl area, and the Mesozoic and Paleozoic potential of the Western Desert.

Pending, such discussions, this investment will strengthen the company’s Balance Sheet.

David Horgan, Director, commented:

Petrel is fortunate to have maintained strong relationships with Ministry of Oil officials, even during the darkest hours of sanctions, invasion, conflict, and Covid-19.  Our Iraqi Director, Riadh, is a son of the renowned “driller”, Mahmoud Ahmed.  In Iraq we found World-class geology.

“Prevailing circumstances obliged Petrel temporarily to dis-engage from on-the-ground operations in 2010.  We saw too many challenges – both governance, political and financial – to justify risking Shareholders’ funds given the then-limited upside available.”

“Recent events are transforming this situation. A three-way rivalry among Saudi Arabia, Russia and American producers – aggravated by an unprecedented demand-hit caused by Covid-19 – crashed the oil price.  This cripples high cost operations offshore, and unconventional reservoirs.  As a low-cost producer, Iraq is now well positioned to exploit this historic opportunity.  I believe that Petrel has the experience, contacts and board commitment to help drive forward the next phase of Iraqi oil development.

(Source: Petrel Resources)

By Padraig O’Hannelly.

A senior oil executive has predicted that Iraq could surpass Saudi Arabia as an oil producer.

Addressing delegates at CWC‘s Iraq Petroleum conference in London, Majid Jafar (pictured), CEO of Sharjah-based Crescent Petroleum, said:

“Iraq is hugely underexplored. We at Crescent know of 300 structures just in the Western Desert that have yet to be drilled, so I for one believe that Iraq has a lot of potential, and I wouldn’t be surprised if it becomes the largest producer in OPEC during my career.”

Crescent Petroleum has an interest in the Khor Mor field in the Kurdistan Region of Iraq, and has signed initial contracts to develop the oil fields of Gilabat-Qumar (in Diyala), Khashim Ahmer-Injana (in Diyala), and Khudher Al-Mai [Khider al-Mai] (in Basra and Muthana).