Petrel Resources Share News (PET)

(Alliance News) - Petrel Resources PLC said Monday its loss for the first half of 2019 widened slightly as the oil and gas firm continued to build its presence in its Iraqi, Irish and Ghanaian operations.

Shares in Petrel Resources were 11% lower at 8.09 pence on Monday.

For the six months to the end of June, Petrel's interim loss was GBP115,000, compared to GBP104,000 the year before, as administrative expenses rose to the same amount.

In Iraq, Petrel said the security situation has improved dramatically since, with oil output in the country reaching 4.7 million barrels of oil per day.

The next bidding round for exploration of blocks with gas potential is expected to take place during 2020.

Meanwhile, in Ghana, Petrel said it is making slow progress with national authorities, while entering discussions with prospective partners for the planned ratification of the Tano 2A block in the Ghana western basin.

In Ireland, the multi-well drilling programme in the Irish Atlantic Porcupine basin has been delayed by a private members' bill looking to ban future licence rounds and extensions.

The bill was rejected by the Irish government, but Petrel warned that there is no guarantee that a future government won't take a different approach.

In its other Irish operations, the frontier exploration licence 3/14 work programme is nearing completion, and for licensing option 16/24 Petrel has proposed a work programme to convert the operation into a frontier exploration licence.

However, Petrel said it is not ready to commit to drilling a well until the acreage has been farmed down.

By Dayo Laniyan; dayolaniyan@alliancenews.com

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