Petrel Resources plc (PET: AIM) - if anyone can crack Iraq, surely Petrel can!
The audacious oil exploration company, Petrel Resources recently announced half year interim results to end June 30th 2010, and explained the latest ‘high risk’ location they will operate in.
The audacity comes from the focus of Petrel remaining firmly on Iraq. Petrel was active in Iraq prior to the invasion, so has not been smeared with the WMD ruse, as far back as 1999. Since entry they have dealt with “5 governments, survived a war, faced down many threats and risks, all in pursuit of oil”, at least they don’t mix their words!
Petrel won rights to an exploration block under Saddam Hussein’s government in 2002 but decided against developing it because of international sanctions leading up to the March 2003 war. Since 2005 the company has won contracts to service oilfields for Iraq’s oil ministry. It has had an eye on getting priority access – to those and other more prolific fields – once the central government has passed a hydrocarbons law. Management explained how the parameters of operating in the country are changing, albeit slowly. The steady disengagement of foreign military personnel reduces undue overseas influence and boosts the legitimacy and…