Exploration firm Petrel Resources has announced that it will acquire a 20 per cent stake in Amira Hydrocarbons
Amira Hydrocarbon currently holds a 25 per cent carried interest in oil and gas exploration and production licences in the Iraq’s Wasit province.
Under the agreement, Irish- and UK-listedPetrel Resources will have the right of first refusal on participation in future exploration and production licences in the provinces of Muthanna, Karbala, Babil and Najaf secured by parent company Amira Industries.
The Irish firm said that the deal would strengthen its position in Iraq, where it already has a presence.
David Horgan, managing director of Petrel Resources, said, “Following the recent farm out of our Irish acreage, the acquisition refocuses our efforts on one of the world’s premier hydrocarbon basins.
“The addition of Amira Hydrocarbon’s assets to our portfolio and the joint venture provides our shareholders with greater exposure to the world class hydrocarbon potential in Iraq.”
