Petrel Resources PLC
10 January 2005
Petrel Resources plc
Press Release
Petrel signs Jordanian Exploration Memorandum
Further to the announcement in December 2004, Petrel Resources Plc, (AIM: PET)
announces it has signed a Memorandum of Understanding with the Jordanian
authorities covering the East Safawi block in the Arabian desert, near the Iraqi
frontier. This is convertible to an exploration and development licence after
six months.
This prospective area forms part of the Jordanian 'pan-handle' bordered by Saudi
Arabia, Syria and Iraq. The hydrocarbon play targets Paleozoic horizons Petrel
has studied in western Iraq, and which already produce gas in the nearby Risha
field.
Petrel's work programme is underway. It will be integrated with, and run in
tandem with, the Company's Iraqi Western Desert work.
The immediate objective is to develop a regional model using data from Jordan
and neighbouring regions. This will include interpretation of satellite imagery
to highlight the controlling structural trends. The available seismic will be
re-interpreted after selected sections of the existing 4,250km of seismic have
been re-processed.
Petrel anticipates that advances in computer processing and field techniques
will offer new insights into the petroleum potential of the region, which we
believe is under-explored.
If Petrel can identify drillable targets, we expect to advance to a Production
Sharing Agreement.
Contacts:
John Teeling + 353 1 8332833
David Horgan + 353 87 292 3500
Bell Pottinger Corporate & Financial
Nick Lambert +44 (0) 7811 358 764
Rowan Dartington
Barrie Newton +44 (0) 1179 330011
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