Petrel reduces losses in first half

Oil exploration company Petrel Resources reduced its losses in the first six months of the year, despite ongoing difficulties in its global activities.

The company said it was financially secure for the coming years, as pre-tax losses fell to €228,000, compared to €247,000 in the same period last year.

With operations in Ireland, Ghana and Iraq, Petrel had a cash balance of almost €1.7m to the end of June.