Petrel Resources, the aim listed Middle East oil explorer, (PET) has reached agreement with the Jordanian authorities (Natural Resources Authority) on a Production Sharing Agreement on the East Safawi Block in eastern Jordan. East Safawi borders Saudia Arabia, Syria and the gas producing Jordanian Risha field, near Iraq. The agreed work programme includes seismic and wells. There are both oil and gas plays. The agreement is subject to Parliamentary approval and Royal assent.
David Horgan, Managing Director, commented
"We are delighted to have reached agreement with the Jordanian authorities to explore for oil and gas in East Safawi. There is growing realisation that Jordan offers good prospects for significant hydrocarbon discoveries. Coming on the heels of the award of the Iraqi contract on Subba and Luhais, the East Safawi agreement is a further tribute to the skill and tenacity of our exploration team in the Middle East."
