Petrel fully funded for near-term activities

Irish oil and gas exploration company Petrel Resources said it has “sufficient” funds to cover activities for the “near future” despite seeing losses widen by nearly 13% over the past 12 months.

The John Teeling-chaired company, which has assets offshore Ireland and in Africa, yesterday reported pre-tax losses of €256,505 for 2016; up from a loss of €227,234 in 2015.

The company’s asset value slipped marginally to €6.7m from almost €6.9m at the end of the previous year.