Shares in small explorer Petrel double after promising oil find off Irish coast
SHARES in Irish explorer Petrel Resources doubled this morning after the company said it may have found oil in Irish waters off the south-west coast.
Shares in Petrel surged on London's AIM exchange rose from 6p to 12p after the company reported a raft of promising drilling targets, including one with billion-barrel potential, on its prospective South Porcupine basin which is a huge area streching from south Kerry and to Galway.
The company was set up by serial entrepreneur John Teeling who has also made millions from whiskey and commodities and is managed by veteran exploration expert David Horgan, who is also chief executive of Pan Andean Resources, an oil and gas company with activities in South America and the US.
Shares in rival Providence Resources are the best-performing shares on the Dublin stock exchange this year after that company also reported large potential finds off the Irish coast.
Petrel said it had acquired fresh 2D and 3D seismic data that suggests oil in its licence field.
“There are established petroleum systems, reservoir sands and possible traps at several levels,” said managing director David Horgan.