11th November 2010





Update on Iraq





Petrel Resources (AIM:PET), the AIM listed oil and gas explorer, reports
that work continues on the Subba & Luhais EPC project in southern Iraq.



Petrel has received the second tranche of $2.5 million due under the
arrangement between the Iraqi authorities and our Joint Venture
partners.



The third tranche of $2.5 million is due in 6 months.



The expected formation of an Iraqi Government should clarify oil policy
and enable Petrel to move forward with our Iraqi projects.











Enquiries:



Petrel Resources Plc



David Horgan, Managing Director

+353 (0)87 292 3500

John Teeling

+353 (0)1 833 2833





Northland Capital Partners Limited



Charles Vaughan

Gavin Burnell



+44 (0)20 7492 4750









College Hill



Nick Elwes

+44 (0)20 7457 2020







www.petrelresources.com