Business
Acquisition of 20 per cent shareholding
Acquisition of 20 per cent shareholding.
About this update from Petrel Resources Plc
[{"type":"text","content":"\n \nRNS Number : 6345L Petrel Resources PLC 14 August 2013 \n \n\n \n \n \n \n \n \n \n14 August 2013\n \n \nPetrel Resources plc\n(\"Petrel\" or the \"Company\")\n \nAcquisition of 20 per cent shareholding in Amira Hydrocarbons Wasit B.V.\n \n \nFurther to the announcement of 26 July 2013, Petrel is pleased to announce that it has agreed to acquire a 20 per cent shareholding in Amira Hydrocarbons Wasit B.V. (\"Amira\"), which is the holder of a 25 per cent carried interest in certain oil and gas exploration and production licences in the Wasit Province of Iraq. \n \nHighlights\n \n· Strengthens Petrel's position in Iraq, where it has had a presence since 1999. \n· Strategic partnership with Amira Industries N.V. (\"Amira Industries\"), Amira parent company,\nallows Petrel to benefit from Amira Industries' reputation and local capability in Iraq.\n· Equates to a 5 per cent carried interest through to production in exploration and productionlicences operated by Oryx Petroleum in the Wasit Province of central Iraq.\n· Petrel given a right of first refusal to participate in future exploration and production licences in the Iraqi provinces of Muthanna, Karbala, Babil and Najaf, once secured by Amira Industries.\n· Arman Kayablian, COO of Amira Industries N.V., will join the board of Petrel as a non-executive\ndirector.\n \nDavid Horgan, Managing Director of Petrel, commented:\n \n\"We are delighted to announce the expansion and diversification of our exploration portfolio with this acquisition. Petrel has a long-standing interest in Iraq. Following the recent farm out of our Irish acreage, the acquisition refocuses our efforts on one of the world's premier hydrocarbon basins. The addition of Amira's assets to our portfolio and the joint venture with the Kayablian family provides our shareholders with greater exposure to the world class hydrocarbon potential in Iraq.\n \n\"We are delighted to welcome Arman to the board and we look forward to working with him.\"\n &nbs...