LONDON (Alliance News) - Petrel Resources PLC on Tuesday reported a narrowed interim loss as it focused on its exploration licences in the Irish Atlantic Porcupine basin.
Petrel owns a number of licences and options offshore Ireland as well as Ghana and Iraq. The former includes the FEL 11/18 licence, operated in a joint venture with Woodside Energy, with Petrel describing the licence as the "filet mignon" of the Porcupine basin.
Its pretax loss for the six months to June totaled EUR104,000 versus EUR207,000 loss recorded a year ago. Being in the exploration stage, Petrel produces no revenue.
Petrel has a "wide variety" of targets on FEL 11/18, while it will also be looking for drill partners on the FEL 3/14 licence if it is extended.
On its 16/24 licensing option, Petrel is looking for a farm-in before committing to any drilling, while on LO 16/25 it decided not to pursue the licence for economic reasons.
Shares were 14% lower Tuesday at 2.15 pence each.
Petrel Resources (PET)