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Petrel to reinvest in Iraq oil
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Unison.ie - [3/21/2006]
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DAVID Horgan, CEO of Petrel Resources, says the $5m (€4.2m) his firm expects from its joint venture in Iraq's war-torn oilfields will be reinvested in Iraqi exploration.
"Any profit we make will go back into the ground. Our main focus will be on an exploration programme in Iraq that will drill deeper than before. It will be done at our own risk," he said.
The Irish-owned and led exploration outfit was last week cited in the UK media as being a beneficiary of the Iraqi war dividend to the tune of €80m-plus. However, Mr Horgan said the figure only related to the last two years' increase in their market capitalisation.
Earlier this year Petrel disclosed its joint venture agreement with Makman Oil & Gas in an oilfield services contract. Makman will provide security, local transport and engineering support. This is the venture that could spin-off profits of $5m to Petrel.
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