24th Sep 2013 10:54
LONDON (Alliance News) - Petrel Resources PLC Tuesday said its pretax losses continued at the same level in its first half, compared to a year before, as it developed operations at three key sites.
The AIM-listed oil-and-gas explorer, with operations in Ireland, Ghana and Iraq, said its pretax loss remained stable at EUR247,000 for the six months ended June 30, versus EUR257,000 a year before.
The company said it completed a range of deals during the period, including a 20% shareholding acquisition in Amira Hydrocarbons Wasit B.V. and a heads of agreement with Australia's Woodside Petroleum Limited regarding operations in Ireland.
The company said it is also moving towards operations in Ghana, which have been held back as the company awaits license ratification from the Ghanaian National Petroleum Corporation.
Petrel holds cash balances of USD2.2 million and will receive USD1.3 million of back costs from Woodside once its formal exploration licences are issued in Ireland.
"The last 10 months have been a period of rapid progress and share price appreciation for Petrel Resources," Chairman John Teeling said in a statement. "We now have momentum, good partners in Ireland and Iraq and have plans to drive forward."
Shares at Petrel were down 2.3% to 16.00 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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