Petrel acquires 20% stake in Amira

Irish based exploration firm Petrel Resources today said it has strengthened its Iraqi investment, by acquiring a 20 per cent shareholding in Amira Hydrocarbons.

Amira is the holder of a 25 per cent carried interest in oil and gas exploration and production licences in the Wasit Province of central Iraq.

The ultimate operator and funder of the work programme is Oryx Petroleum of Canada, established by the team which built and sold Addax for $7.3 billion.

The shareholding in Amira’s assets expands Petrel’s programme scheduled for the next 18 months, with the potential to drill one or two additional wells, Petrel said in an interim statement.

"The last 10 months have been a period of rapid progress and share price appreciation for Petrel Resources: We now have momentum, good partners in Ireland and Iraq and have plans to drive forward," Petrel Resources chairman John Teeling said.