LONDON (Alliance News) - Petrel Resources PLC Friday said it made a significantly narrower loss during 2015 compared to the previous year following a reduction in costs, and said it will continue to focus on its operations offshore Ireland.
The oil and gas explorer, which also has operations in Iraq and Ghana, reported a pretax loss of EUR227,234 in 2015 compared with a loss of EUR3.0 million in the previous year.
With no revenue coming through the door, the narrower loss was caused by a reduction in costs, but was primarily driven by a EUR2.5 million impairment that was booked in 2014 not repeating itself in the most current year. Administrative expenses fell to EUR228,393 from EUR430,903.
Petrel recently secured two awards under two-year licensing options in the Irish offshore bid round, adding to its portfolio which already contained two other exploration licenses in the Irish Atlantic.
"The immediate and near term future success of Petrel is in the Atlantic offshore Ireland. We hold good acreage, we have a good partner doing good work," said Petrel.
"We are financed for the future. The ongoing extensive work programme in the Atlantic is fully funded by Woodside. In Iraq, if and when work starts we are fully carried by Oryx. Our new licence options in the Atlantic have an agree work programme over the next two years. This is funded," the company added.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Petrel Resources (PET)