(Alliance News) - Petrel Resources PLC on Friday said its loss narrowed in 2020 amid a reduction in operating expenses.
The oil & gas explorer focussed on projects in Iraq and Ghana said its pretax loss was reduced to EUR450,685 last year from EUR2.0 million in 2019, as impairment of exploration and evaluation assets was reduced to just EUR51,552 from EUR1.6 million.
Turning to operations, Petrel said it is putting exploration proposals to the authorities in Iraq.
Meanwhile, Ghana, where Petrel holds a 30% interest in offshore block Tano 2A, "continues to frustrate", with Covid resulting in operational delays.
AIM-listed Petrel shares were trading 2.0% lower in London on Friday at 2.50 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Petrel Resources (PET)