Petrel eyes up 2018 Irish drilling round

Petrel Resources is actively eyeing up more prospects in Ireland and elsewhere and is planning drilling activity on existing Irish acreage in the next three to four years.

The AIM-listed exploration firm is chaired by whiskey, minerals and oil entrepreneur John Teeling.

The Dublin-headquartered company yesterday reported a pre-tax loss of €2.96m, for 2014, considerably up on the €526,783 loss incurred in the preceding year; and driven by asset impairment charges of more than €2.5m.