Petrel announces losses

Petrel Resources, the Irish AIM-listed oil company focused on Iraq, announced a loss of €519,000 for the year ending December 31.

The company stated that revenue however increased during the period due to the ramping up of the Subba and Luhais Engineering and Production (EPC) contract. Petrel did not book any profits prior to completion of the project and corporate overhead is written off when incurred in accordance with the company’s existing policy. This resulted in a small loss of €519,000.