Petrel Resources PLC
13 September 2006
Strategic Partnership
Petrel Resources is pleased to announce a strategic partnership and cooperation
agreement with ITOCHU Corporation ('ITOCHU'). The strategic partnership will
cover future exploration and development activities in the Iraqi oil and gas
industry.
ITOCHU is one of the largest and most respected Japanese conglomerates. ITOCHU
launched its upstream activities in Indonesia and Sakhalin Island in the 1970s
and has been a successful player in the upstream energy sector ever since
through its active participation in the challenging environments of Algeria and
Azerbaijan, as well as other oil producing regions such as the North Sea and
Western Australia. In addition to the above-mentioned upstream activities, the
ITOCHU group is also one of the largest traders of crude oil in the Far East and
is a major force in numerous business sectors, including areas such as steel
pipe supply, finance, logistic and plant businesses.
The cooperation agreement between Petrel and ITOCHU will initially cover work on
the Merjan oil field under a Technical Cooperation Agreement with the Iraqi
Ministry of Oil, subject to applicable laws. ITOCHU will also have a first look
at future Petrel projects in the Iraqi oil & gas upstream sector.
As part of the cooperation agreement, ITOCHU will contribute towards Petrel's
historic costs in the Iraqi oil & gas sector and will cover a fixed share of the
costs of the current study.
Petrel Managing Director David Horgan welcomed the development:
'We have gotten to know ITOCHU well over several years. There is a near perfect
fit with Petrel. ITOCHU, one of Japan's leading companies, with its strong
balance sheet and long-term perspective, is a strong player in upstream oil and
gas business. There is no better partner for us in our quest to expand and
deepen our Iraqi activities.'
A fuller Corporate Profile is available on the ITOCHU website at:
http://www.itochu.co.jp/main/index_e.html
For further information please contact:
Petrel Resources Plc
David Horgan + 353 87 292 3500
John Teeling +353 1 833 2833
Corporate Synergy
Ian Rice +44 (0) 117 933 0020
Craig Howie +44 (0) 20 7448 4400
www.petrelresoucrces.com
This information is provided by RNS
The company news service from the London Stock Exchange