Business
Preliminary Results for the Year Ended 31 December
Preliminary Results for the Year Ended 31 December.
About this update from Petrel Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4478K Petrel Resources PLC 25 June 2014 \n \n\n\n \n \n \n \n \n \n25 June 2014\n \n \nPetrel Resources plc\n(\"Petrel\" or the \"Company\")\n \nPreliminary Results for the Year Ended 31 December 2013\n \n \nPetrel Resources announces its results for the year ended 31 December 2013. Highlights include:\n· Porcupine Basin\no Farm out agreement concluded in March 2014 with Woodside Petroleum, an Australian independent with a top class exploration record in hydrocarbon discoveries and developments\no Exploration licences held by Petrel became Frontier Exploration Licences operated by Woodside, who have established an office in Dublin\no Subject to the results of the seismic, drilling will take place in 2016/2017\n· Iraq\no Arman Kayablian, a director and significant shareholder in the Amira group, joined the board of Petrel. His experience and contacts will be very useful\n· Ghana\no The Ministry of Energy awarded part of our exploration block to a US listed Nigerian controlled company We obtained an injunction stopping this in the Ghanaian High Court. With goodwill on both sides a satisfactory solution can be found.\n \nJohn Teeling, Chairman, said, \"The importance of a successful oil discovery offshore Ireland cannot be exaggerated. One oil discovery in the Porcupine is likely to be big enough to supply all of Ireland's oil demand if not more. Ireland currently imports all of its 132,000 barrel a day oil consumption and 95% of its gas needs. Apart from security of supply, the fiscal implications are immense.\n \n\"Exploring the Atlantic offshore Ireland will occur in the near...