Petrel ‘well-financed to progress with activities’

Petrel Resources has said that it has over $4m (€3.1m) in cash reserves, making it well-financed to progress with its current activities in Iraq, Ghana and offshore Ireland.

The Dublin-headquartered/AIM-listed oil and gas exploration company, which is chaired by John Teeling, recently said it has embarked on a new start in Iraq by appointing a new management team to work with the local authorities.

“The board is committed to our activities in Iraq and Ghana offers significant upside to the company,” Mr Teeling said yesterday.