Petrel Resources more than doubles loss to €243,000

Irish oil and gas explorer Petrel Resources posted a €243,000 loss before tax in the first half of this year, more than double the figure for the same period in 2019.

The company has interests in offshore Ireland, Iraq and Ghana.

In a stock exchange announcement Petrel updated shareholders on its existing projects, noting that offshore Ireland was a “sad scene”.

"State policy has effectively stymied offshore exploration," said chairman John Teeling.

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He noted that Petrel owns a 10 per cent interest in a licence in the Porcupine Basin, off the southwest coast, at which work has been done by operator Woodside Petroleum, "but it is difficult to see how Woodside will commit the tens of millions to drill".

Mr Teeling noted that Ghana “remains attractive”, and that meetings which were cancelled due to the Covid-19 pandemic are due to take place before the end of this year.

“Petrel is well funded for ongoing activities. The focus is once again Iraq,” Mr Teeling said.