Irish oil firms slash first-half losses

Petrel Resources — the Irish AIM-listed exploration firm — has reported a near 28% narrowing in first-half losses.

The John Teeling-chaired company, which is active in Africa, the Middle-East, and offshore Ireland, yesterday reported losses of €106,000 for the first six months of 2016; down from a first half loss of €147,000 for the same period last year.

The company, which is closing in on a long-term solution to a long-running acreage dispute in Ghana, said it is upbeat about its Irish prospects — its portfolio, here, having been significantly enhanced in the recent Atlantic Margin Licensing Round — and chances of landing development partners for certain assets.

Elsewhere, Lansdowne Oil and Gas yesterday reported operating losses of £419,000 (€482,465) for the first half of this year — down from a loss of £514,000 for the same period last year.

Lansdowne, which raised much-needed extra financing in the second quarter, said its immediate problems have been resolved and its focus is now on creating value from its 20% interest in the highly-regarded Barryroe field in the Celtic Sea, currently mainly owned by Providence Resources.

“This is, by any standards, a significant resource with attractive costs of development and production and our entire focus is to move this project forward against a background of greatly reduced drilling and operating costs and a stabilising oil price environment,” said Lansdowne management.

Providence Resources’ efforts to find a development partner for Barryroe remain ongoing.