Petrel to finalise project partner

PETREL Resources, the John Teeling-chaired oil and gas exploration company, has nearly halved its first-half losses and has confirmed it is in the advanced stages of finalising a farm-in partner for an upcoming mining project in Jordan.

“Petrel’s technical and geological analysis has been accepted by the potential partner despite the challenging capital market conditions of the past 12 months, which have made raising capital difficult for the partner,” the company said yesterday as part of its interim update statement.

The project relates to one licence – a joint oil and gas target – located in the north-east of the country. The farm-in agreement would see one of the bigger players in the industry coming on board and investing in the project’s development in return for an equity stake in the find.