RE:Amira management ...our original partnersstatement for the period ended 30 June 2013 Tuesday, September 24, 2013 Iraqi investment enhanced through 20 per cent shareholding acquisition in Amira Hydrocarbons Wasit B.V. Heads of Agreement with Woodside, Australia's largest gas exporter, which will become operator and 85 per cent partner in Petrel's operations in the Porcupine Basin. Steps are being taken to expedite the licences on the Tano 2A onshore/offshore block in Ghana, in which Petrel holds a 30 per cent interest in a signed 2010 agreement.John Teeling, Chairman of Petrel Resources, said: "The last 10 months have been a period of rapid progress and share price appreciation for Petrel Resources: We now have momentum, good partners in Ireland and Iraq and have plans to drive forward."IraqPetrel has strengthened its Iraqi investment and added another string to its Iraqi bow, by acquiring a 20 per cent shareholding in Amira Hydrocarbons Wasit B.V.("Amira"). Amira, is the holder of a 25 per cent carried interest in oil and gas exploration and production licences in the Wasit Province of central Iraq. The ultimate operator and funder of the work programme is Oryx Petroleum of Canada, established by the team which built and sold Addax for US$7.3 billion.This strategic partnership strengthens Petrel's position in Iraq, where it has had a presence since 1999, and allows Petrel to benefit from Amira Industries' re*****tion and local capability. Amira Industries has been at the forefront of licence acquisitions in the Iraqi provinces and was the first oil company to sign oil and gas exploration and production contracts with the provincial governments of Salah ad Din and Wasit. The Amira deal gives Petrel an immediate effective 5 per cent carried interest through to production in exploration and production licences operated by Oryx Petroleum in Wasit.Arman Kayablian, COO of Amira Industries N.V., has joined the board of Petrel as a non-executive director. Arman has over 10 years' experience in project finance and development operations in the energy, utilities and telecommunications industries.The acquisition is in line with Petrel's strategy of reinforcing its interests in Iraq. The shareholding in Amira's assets expands Petrel's programme scheduled for the next 18 months, with the potential to drill one or two additional wells.The investment in Amira is essentially a US$500,000 option price. The initial consideration comprised an up-front cash payment of US$500,000 and the issue of locked in 18,947,368 shares in Petrel.A further 10,526,316 shares in Petrel will be issued when the first conventional oil well spuds. When a well is spudded these initial shares become tradeable. A second tranche of 10,526,316 shares will be issued when there is a commercial discovery. If no drilling takes place within 5 years the deal expires and all share agreements cease.Petrel is also given a right of first refusal to participate or acquire an operated interest in any future exploration and production licences that Amira Industries secures in the Iraqi provinces of Muthanna, Karbala, Babil and Najaf. The terms of Petrel's participation in such licences are likely to be similar to Amira Industries' arrangement with Oryx Petroleum in respect of the Wasit licences.