Petrel Resources eyes new 'ground' in Irish waters
It is likely to be 2017 before a well is sunk at Petrel Resources' oil prospects off the west coast.
The Irish oil and gas exploration business said it is fully funded for all current activities, and plans to apply for a new Irish off shore exploration licence.
Petrel confirmed it will apply for "ground" in the forthcoming Irish offshore licence round at the company's AGM in Dublin yesterday.
Chairman John Teeling said a joint venture with Woodside Petroleum to develop two blocks in the Porcupine basin, off the Irish coast, is going well,
Woodside expects to conduct seismic tests in 2015 with a well likely in 2017, he said.
In Iraq, where Petrel has a 20pc shareholding in the Amira prospect, there is no exploration being conducted at present, Mr Teeling said, although the Wasit province where the asset is located is described as stable.
As well as Ireland and Iraq, the company is active in Ghana where it s pressing for quick ratification of a licence application.