Teeling to revitalise Petrel Resources

Mining and exploration entrepreneur John Teeling is aiming to revitalise interest in his oil and gas exploration vehicle, Petrel Resources, after seeing the company significantly enhance its cash position last year.

The AIM-listed Petrel, which has assets in Ghana, Iraq and Ireland, yesterday reported a full-year pre-tax loss of €459,821 for 2011; up slightly on the €448,872 losses recorded for 2010.

Operating losses were also slightly up from €462,646 to €466.961, while losses per share amounted to 60c, as opposed to 59c at the end of 2010.

However, as well as diversifying its asset portfolio last year, Petrel also significantly strengthened its cash position, boosting balances from €2.7m to €4.2m.

Mr Teeling noted that in its three decades of existence, Petrel had largely failed to deliver real value for investors, but had survived and reinvented itself as an exploration company straddling three continents. He said that the company would continue to expand in Africa, remain active in Iraq, and track the “exciting prospects opening up in Ireland“.

“We have a strong cash position, expertise, data skills and live operations. But, we’re not satisfied. We are examining ways in which we can use all of the assets and expertise in Petrel to revitalise interest in the company. In a time of massive economic uncertainty, Petrel, with cash, is in a good position.”

Petrel is the third Teeling company to report in the past week, with zinc explorer Connemara Mining giving an upbeat medium-term outlook, despite seeing 2011 losses increase by nearly €100,000 to €397,121; and a slashing of losses evident for the South American-focused Clontarf Energy.