Losses mount at Petrel Resources to €417,000

Company says it is fully funded for its current activities

Petrel resources chairman and serial resource investor John Teeling. Photograph: Eric Luke

Petrel resources chairman and serial resource investor John Teeling. Photograph: Eric Luke

 

Oil exploration company Petrel Resources made a loss of €417,000 in the six month period to the end of June, an increase of €200,000 on the same period in 2016.

The company’s activity for the same period ramped up with a seismic data acquisition programme completing for Petrel’s joint venture in the porcupine basis, 150km off the Kerry coast. Processing of the data is now being completed in Australia and the company expects data interpretation by the end of this year.

In an interim trading statement the company said its “an exciting time to be in the porcupine basin” and noted that it was fully funded for its current activities.

While Ireland was the focus of the company’s operations, Ghana received a not insignificant portion of its finances.

Expenditure on exploration and evaluation in Ghana amounted to €887,000 for the period, down slightly on the previous year.

The company said it had constructive discussions with the Ghanian Ministry of energy in the period, “with a mutual desire to resolve all outstanding issues.”

On its Iraq operation, the company says that little progress has been made following another year of political and economic turmoil in the country. Petrel’s 5 per cent holding in a project in the Wasit province has been slow to proceed on the back of continued security concerns in the area.