Petrel Resources reported Wednesday that it has agreed to buy a 20-percent holding in Amira Hydrocarbons Wasit, which holds a stake in exploration and production licenses in the Wasit province of Iraq.
Petrel said the move will strengthen its position in Iraq where it has been active since 1999. The acquisition equates to a five percent carried interest through to production in licenses operated by Oryx Petroleum in Wasit province.
Petrel added that it has also been given a right of first refusal to participate in future exploration and production licenses in the Iraqi provinces of Muthanna, Karbala, Babil and Najaf.
Petrel Managing Director David Horgan commented in a company statement:
"We are delighted to announce the expansion and diversification of our exploration portfolio with this acquisition. Petrel has a long-standing interest in Iraq. 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's assets to our portfolio and the joint venture with the Kayablian family provides our shareholders with greater exposure to the world class hydrocarbon potential in Iraq."
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