Petrel Resources Updates on Iraqi Prospects

Irish-based Petrel Resources Plc has published its unaudited interim statement for the six months ended 30 June 2026.

Regarding prospects in Iraq, the company said:

"Petrel cannot depend indefinitely on governments making decisions in Iraq ...

"Petrel has been involved in Iraq since 1997. Over the years we have accumulated a very large database.

"Iraq remains one of the great hydrocarbon provinces of the world. It has enormous, discovered reserves, extensive infrastructure and large areas which remain relatively underexplored.

"But having oil in the ground is not enough. Projects need workable commercial terms.

"This has always been our difficulty in Iraq. Available contracts have frequently offered insufficient reward for the technical, financial and political risks being taken by an independent explorer.

"During the period we maintained contacts concerning potential development and gas opportunities. We retain our historic interest in Western Desert Block 6 and our extensive technical work on the Merjan oil field.

"There are also opportunities associated with gas and liquids which are currently flared. Capturing and commercialising these resources could provide both economic and environmental benefits.

"We have invested decades building knowledge of Iraq. That knowledge retains value."