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Petrel has over USD4m in reserves

Wednesday, September 26 10:21:21

Petrel Resources, the Irish AIM listed hydrocarbon exploration company, has reported in its Interim Statement for the period ended 30th June 2012, that it has over USD4m in cash reserves.

In a statement to the market, it said it is well financed for its current activities in Iraq, Ghana and Offshore Ireland.

Petrel has appointed a new management team in Iraq who have clarified the company's relationship with the authorities and are pursuing existing and new opportunities. In Ghana, the relevant authorities have been provided with evidence of Petrel's financial and technical ability to conduct the required work programme on Tano 2A Block and in Ireland, Petrel is progressing it's Offshore Option Blocks in the northern and eastern sections of Porcupine Basin with several new targets identified.

Chairman, John Teeling said, "Petrel is well financed for all current needs with over US$4m cash. The board is committed to our activities in Iraq and Ghana offers significant upside to the company. The Irish offshore, where Petrel began in the early 1980's has once again become an attractive target. We have a strong expert team, we have good ground and we hope to interest multinational parties to explore with us. The mix of projects, all high risk, offers significant potential."