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About this update from Petrel Resources Plc
[{"type":"text","content":"\n Petrel Resources PLC\n13 September 2006\n\n Strategic Partnership\n\n\n\nPetrel Resources is pleased to announce a strategic partnership and cooperation\nagreement with ITOCHU Corporation ('ITOCHU'). The strategic partnership will\ncover future exploration and development activities in the Iraqi oil and gas\nindustry.\n\n\n\nITOCHU is one of the largest and most respected Japanese conglomerates. ITOCHU\nlaunched its upstream activities in Indonesia and Sakhalin Island in the 1970s\nand has been a successful player in the upstream energy sector ever since\nthrough its active participation in the challenging environments of Algeria and\nAzerbaijan, as well as other oil producing regions such as the North Sea and\nWestern Australia. In addition to the above-mentioned upstream activities, the\nITOCHU group is also one of the largest traders of crude oil in the Far East and\nis a major force in numerous business sectors, including areas such as steel\npipe supply, finance, logistic and plant businesses.\n\n\n\nThe cooperation agreement between Petrel and ITOCHU will initially cover work on\nthe Merjan oil field under a Technical Cooperation Agreement with the Iraqi\nMinistry of Oil, subject to applicable laws. ITOCHU will also have a first look\nat future Petrel projects in the Iraqi oil & gas upstream sector.\n\n\n\nAs part of the cooperation agreement, ITOCHU will contribute towards Petrel's\nhistoric costs in the Iraqi oil & gas sector and will cover a fixed share of the\ncosts of the current study.\n\n\n\nPetrel Managing Director David Horgan welcomed the development:\n\n\n\n'We have gotten to know ITOCHU well over several years. There is a near perfect\nfit with Petrel. ITOCHU, one of Japan's leading companies, with its strong\nbalance sheet and long-term perspective, is a strong player in upstream oil and\ngas business. There is no better partner for us in our quest to expand and\ndeepen our Iraqi activities.'\n\n\n\nA fuller Corporate Profile is available on the ITOCHU website at:\n\nhttp://www.itochu.co.jp/main/index_e.html\n\n\n\n\n\nFor further information please contact:\nPetrel Resources Plc\n\nDavid Horgan + 353 87 292 3500\nJohn Teeling +353 1 833 2833\nCorporate Synergy\n\nIan Rice +44 (0) 117 933 0020\nCraig Howie +44 (0) 20 7448 4400\n\n\n\nwww.petrelresoucrces.com\n\n\n This information is provided by RNS...