Petrel Resources eyes expansion as pretax loss narrows

(Alliance News) - Petrel Resources PLC on Friday said its pretax loss narrowed slightly in 2024 as it said it is considering expansion opportunities in oil and gas.

The Iraq and Ghana-focused oil & gas explorer said its pretax loss narrowed to EUR469,878 in 2024 from EUR491,086 a year earlier.

Administrative expenses were down 7.0% to EUR283,245 from EUR304,453.

Loss per share narrowed to 0.26 cents from 0.28 cents.

The company said uncertainty around tariffs and fears of reduced oil demand has increased risk and delayed investment decisions.

It said ratification discussions with the Ghanaian authorities on the Tano acreage have restarted, but acreage adjustments are likely and "governance remains an issue".

"The board is considering expansion opportunities in oil & gas, and energy-related projects worldwide," said Chair David Horgan.

"We offer an established record and potentially high liquidity and capital appreciation for the right story. As investors re-focus on 'hard industries' and cash flow, this is a time of opportunity."

Horgan said there is market interest in Petrel's "strong shareholder following and liquidity".

"Accordingly, we continue to explore expansion opportunities," he added.

Shares in Petrel Resources were down 3.5% at 1.06 pence in London on Friday afternoon.

By Michael Hennessey, Alliance News reporter

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