Petrel Resources, a new exploration company set up by Dr John Teeling, is to have its shares listed on OFEX, the over-the-counter market. Petrel is to look for a listing on the Exploration Securities Market (ESM) in Dublin and possibly the AIM in London "over the coming months". The company recently raised £600,000 from 120 investors to fund exploration for oil and gas offshore Ireland and overseas, particularly in Africa. Apart from the cash, its only assets are 30,000 kms of seismic data on offshore Ireland.

Petrel said it is currently undertaking a review of its seismic bank to identify new exploration opportunities in areas not under licence.

"Having identified new plays," Petrel said it would use its international contacts to put together a consortium to take out new licences on a seismic option basis. The company is looking at proposals on ventures in east and west Africa.

Noting the renewed level of activity in the Irish offshore sector, the company said the potential of offshore Ireland is now better understood. Dr Teeling, who is chairman of Petrel, has a 10 per cent stake in the new company. Mr David Horgan, managing director, also has a 10 per cent shareholding.