Petrel Resources (PET) 2003年年度报告「LSE」.pdf

1、Annual Report 2003 Annual Report 2003 Annual Report 2003 Annual Report 2003 Annual Report 2003 Annual Report 2003CONTENTSPAGECHAIRMANS STATEMENT2MANAGING DIRECTORS REPORT5DIRECTORS REPORT14STATEMENT OF DIRECTORS RESPONSIBILITIES17INDEPENDENT AUDITORS REPORT18STATEMENT OF ACCOUNTING POLICIES21CONSOLI

2、DATED PROFIT AND LOSS ACCOUNT22CONSOLIDATED BALANCE SHEET23COMPANY BALANCE SHEET24CONSOLIDATED CASH FLOW STATEMENT25NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS26NOTICE OF MEETING34FORM OF PROXY35DIRECTORS AND OTHER INFORMATIONInside Back CoverCONTENTS1Annual Report 2003 Annual Report 2003 Annual

3、Report 2003 Annual Report 2003 Annual Report 2003 Annual Report 2003CHAIRMANSSTATEMENTIn the period under review,Petrel has made significant progress toward the goal ofbecoming an Iraqi oil producer.We have submitted tenders to develop significant oilfields in the Kirkuk area of Northern Iraq and in

4、 the Hamrin area of Central Iraq.Thefinal tender,to redevelop and refurbish the Subba and Luhais fields in Southern Iraqwas submitted in June.Each project envisages oil production in excess of 100,000 barrelsa day.We have continued to analyse available data on our Block 6 exploration project.Block 6

5、is a 10,000 sq km block in the Western Desert between Baghdad and Jordan.Petrel hasan agreed work program with the Oil Ministry in Baghdad and awaits final approval tocommence fieldwork.All of this has been achieved in the midst of almost total chaosand at significant personal risk to our directors,

6、David Horgan and Guy Delbes,whotravel to Baghdad on a frequent basis.Two senior geological consultants to Petrel,Munim Al-Rawi and David Naylor,have also visited Iraq a number of times during theperiod under review.Through the war and the aftermath we have maintained a strongtechnical presence in Ba