Petrel Resources confident of finding development partner for Irish offshore exploration licences

Irish exploration company Petrel Resources has expressed confidence in attracting a major oil and gas company to buy into part of its licence portfolio off the west coast. However, it has warned that delays in granting licences and the changing political climate surrounding offshore exploration could hinder its progress.

On the back of the company reporting a significant decline in annual losses for 2018 - from €4.4m to €239,042 - chairman John Teeling said Petrel is actively working at progressing all of its Irish interests, which cover one licensing option and two frontier exploration licences in the Porcupine Basin area off the Kerry coast.