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.