Business

Friday 17 November 2017

Shares at Irish exploration firm Petrel drop 6pc

Entrepreneur John Teeling
set up Petrel Resources in
1980s
Entrepreneur John Teeling set up Petrel Resources in 1980s
John Mulligan

John Mulligan

Shares in Irish exploration firm Petrel Resources fell over 6pc at one stage this morning despite telling shareholders that next year should see the pace of activity at its assets accelerate.

Petrel, whose chairman is entrepreneur John Teeling, said in its interim report that steps are being taken to expedite licences at onshore and offshore exploration blocks in Ghana, while it’s continuing to process data from offshore blocks in Ireland to identify further targets for analysis.

"The last 10 months have been a period of rapid progress and share price appreciation for Petrel Resources,” according to Mr Teeling. “We now have momentum, good partners in Ireland and Iraq and have plans to drive forward." 

Petrel has been steadily increasing its exposure to Iraq. It acquired a 20pc stake in Amira Hydrocarbons Wasit, a company which owns a 25pc stake in oil and gas exploration licences in the Wasit province of central Iraq.

The ultimate operator and funder of the Wasit work programme is Canada’s Oryx Petroleum.

“This strategic partnership strengthens Petrel's position in Iraq, where it has had a presence since 1999, and allows Petrel to benefit from Amira Industries' reputation and local capability,” said Petrel.

Petrel made a pre-tax loss of €247,000 in the first half of the year, virtually unchanged compared to the first six months of 2012.

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