Irish oil and gas explorer Petrel Resources has said that its immediate future is tied to exploration off the Irish coast as losses narrowed slightly in the six months to the end of June.
In an interim statement published this morning the AIM listed company saw operating losses narrow to €148,000 compared to €229,000 during the same period last year. Costs during the two periods were entirely made up of operating expenses.
Petrel, which is active in offshore Ireland, Iraq and Ghana, has seen its share price suffer due to a downturn in resources.
It made an operating loss of just under €3m last year, most of which was attributable to a €2.5m impairment charge.
Losses per share also narrowed slightly from 23 cent per share in the first six months of 2014 to 15 cent per share.
Chairman John Teeling said: "In two current projects, offshore Ireland and in Iraq we are fully carried by our partners so there is negligible cost to Petrel.
"In our Ghanaian venture we await the outcome of a licence application so costs are low. We have submitted a strong application for licences in the recent Irish offshore licencing round and are hopeful of success."
He added: "The immediate future for Petrel is tied to offshore Ireland. Our current partner is likely to be active in the Atlantic over the next two years. We are hopeful of obtaining additional acreage in the recent Irish Atlantic licensing round."