International oil and gas exploration firms may be turning their attention to Ireland, but Irish AIM-listed Petrel Resources has its interests already well placed in the region.
The company has interest blocks in the Porcupine Basin, with frontier licence options in what it calls “two prized quadrants”, namely quadrants 35 and 45. Petrel has completed technical geological and geophysical work on the two options in the Atlantic Margin, which pinpointed prospects with major potential in both options.
“In the past two years we have invested significant money in acquiring new information. We believe that there are five good prospects in both blocks,” said chairman John Teeling.
Petrel is in discussions with international oil companies on a joint venture for both licence options, something Mr Teeling was confident enough about to predict a positive conclusion. But he was quick to emphasise that these are early stage prospects.
Meanwhile, Petrel is still plugging away in Iraq, despite having failed to win any development contracts in four licensing rounds. The company has been in Iraq for 14 years, and in mid 2012, it appointed a new team to chase new opportunities and build up its standing in Iraq, which had been damaged following difficulties that arose in 2007 between Petrel’s local partner and authorities.
It has since begun discussions on potential investments. But the company warned that a “major” strategic decision is looming. “The lack of a hydrocarbon law continues to bedevil the Iraqi oil industry,” Petrel said.
CIARA O’BRIEN
