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.