Fortbridge Media Release

Petrel Resources PLC [AIM:PET] - AGM statement 260713

Petrel Resources plc
("Petrel" or "the Company")

AGM Statement

Petrel will be holding its AGM at 11.00am today. At the meeting, David Horgan, the Managing Director, will be making a presentation, the highlights of which will be as follows:

Iraq

Iraq is the best location in the world to find oil and to produce oil at low cost. A Petrel team has worked in Iraq for the past year to identify obstacles in the way of Petrel obtaining licences. They are currently examining various potentially significant acquisition opportunities, particularly at provincial level.

Ireland

Woodside, Australia�s largest gas exporter, is farming in to Petrel�s Porcupine Basin acreage. Under our Heads of Agreement, which are subject to the normal approvals and paperwork, Woodside will become operator and 85% partner. The Irish authorities have welcomed this development, which vindicates their 2011 Licensing Option initiative.

The work programme required under Petrel�s Licence Options in the Irish Atlantic Margin has been completed. Regulatory reports will be submitted to the authorities shortly. The conclusions were encouraging: there are thick sedimentary sections (10km of stratigraphy) in the Porcupine Basin. The Seismic database has responded well to analysis, and further reprocessing and 3D seismic is now technically justified.

Petrel�s technical team has worked up 2 main plays in Quad 35: A Lower Cretaceous fan mound resting on the Jurassic which has good, proven source rocks. Overlying this are inclined delta clinoforms of Lower Tertiary age, which show potential sands offering potential targets. The eastern Quad 35 offers 3 potential prospect levels - another Lower Cretaceous mound on the Jurassic surface, well defined Lower Tertiary deltaic clinoforms, and a Tertiary shelf-edge mound.

In Quad 45 Petrel�s technical team has identified 3 potential sand pinch-out plays. The Quad 45 prospects are not geologically comparable to or in any way affected by the recent ExxonMobil well at Dunquin, in neighbouring Quad 44. The Dunquin well was a true �wildcat� in that there was no 3D seismic or well control closeby. While it did not flow oil, it confirmed that extensive oil had been generated in this part of the Porcupine Basin and a 144 foot residual oil column was logged.

Ghana (30% Interest in Pan Andean Resources Ltd)

The oil industry in Ghana continues to grow and develop. Petrel holds a 30% interest in a signed 2010 agreement over the Tano 2A onshore/offshore block in a highly sought after area of Ghana. We continue to press on with ratification. In the past two years we have been asked to provide certain guarantees which are not required in the signed agreement between Pan Andean Resources Ltd and the Ghanaian National Petroleum Corporation (GNPC). We have provided all reasonable evidence of financial and technical capability. We have fully complied with all obligations under the signed Petroleum Agreement, and spent with our partners over �1m to date. There is nothing more we can do. We are pressing GNPC to submit the agreement to the Cabinet and Parliament. Petrel is not alone in awaiting licence ratification; we understand numerous other agreements are similarly in the queue.

ENDS

Enquiries:

Petrel Resources Plc
David Horgan, Managing Director +353 (0)87 292 3500
John Teeling, Executive Chairman +353 (0)1 833 2833

Northland Capital Partners Limited
John Howes / Alice Lane
Edward Hutton / Gavin Burnell +44 (0)20 7796 8800

Blythe Weigh Communications +44 (0) 207 138 3204
Tim Blythe +44 (0) 781 692 4626
Eleanor Perry +44 (0) 755 129 3620

Pembroke Communications
David O�S�och�in +353 (0) 1 649 6486