Oil exploration company Petrel Resources reduced its losses in the first six months of the year, despite ongoing difficulties in its global activities.

Two Irish exploration firms — Clontarf Energy and Petrel Resources — have reached agreement with the authorities in Ghana over a long-running dispute concerning lost licence acreage in the west African country.

One domestic-based exploration firm has openly criticised the Government for its new tax rates for oil finds in Irish waters, just a week after they were unveiled.

Irish explorer Petrel Resources said it expects operational activity to speed up in the coming months.

Petrel Resources is planning an aggressive programme of works after signing a farm-out agreement with Australian gas giant Woodside.

The mood music around Irish offshore exploration is as positive as it has been since the early 1980s writes Kyran Fitzgerald, but John Teeling, of Petrel Resources, says it is ‘too early to be counting eggs’

Two companies have identified oil targets off the west coast, with the combined potential to produce nearly two billion barrels of oil.

Petrel Resources has said that it has over $4m (€3.1m) in cash reserves, making it well-financed to progress with its current activities in Iraq, Ghana and offshore Ireland.

Irish exploration company Petroceltic is set to lodge the declaration of com-merciality for its headline asset, the Ain Tsila/Isarene gas field in Algeria, to that country’s government early next month.

Another oil firm has released encouraging news about oil prospects off the coast of Ireland.

Two oil firms have released encouraging news about oil prospects off the coast of Ireland.

Mining and exploration entrepreneur John Teeling is aiming to revitalise interest in his oil and gas exploration vehicle, Petrel Resources, after seeing the company significantly enhance its cash position last year.

IRELAND has upped its efforts to discover offshore oil by yesterday awarding 13 new licensing options.

OIL company Petrel has renewed its interest in offshore drilling on foot of revised Government incentives for commercial exploration.

Dublin: Irish AIM-listed oil and gas explorer Petrel Resources is seeking new licences in Iraq — its main market of focus.

PETREL Resources has reported a significant lowering of losses and a diversification into Africa as it continues to wait for clarity on the future of the Iraq market.

IRISH oil and gas exploration company Petrel Resources’ shares rose 24% yesterday after it emerged it is to receive $7 million (€5.3m) from the Iraqi Oil Ministry in outstanding due payments on a five-year-old service contract.

PETREL Resources, the John Teeling-chaired oil and gas exploration company, has nearly halved its first-half losses and has confirmed it is in the advanced stages of finalising a farm-in partner for an upcoming mining project in Jordan.

IRISH oil and gas explorer Petrel Resources stock fell the most in four-and-a-half years in London trading yesterday after saying it hasn’t been paid for $54 million (€39m) of work in Iraq.

PETREL Resources, listed on the Irish secondary market, has raised £1,840,500 (€2.06m) involving subscriptions from three long-standing institutional shareholders.

IRISH oil and gas exploration company, Petrel Resources said its full-year loss widened as it awaits payments from a contract on a southern Iraqi oil field.

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

Exploration company Petrel Resources has announced a production sharing agreement in Jordan.

PETREL Resources has said its $200 million (€157.53m) contract to rebuild an oil field in southern Iraq is on track and the exploration company is also in the running to develop additional fields.

PETREL RESOURCES, the Irish-owned exploration company, has said that the €4m plus it expects to generate through its Iraq-based joint-venture with Makman Oil & Gas will be reinvested in Iraqi-based exploration business.

PETREL RESOURCES, the Dublin-headquartered oil exploration company, has signed a framework case study agreement with the Iraqi Ministry of Oil concerning the Merjan Oil Field area of the troubled country.

IRISH oil and gas exploration company Petrel Resources has won its first contract to drill for oil in Iraq.

PETREL Resources has received no official confirmation in relationt o two Iraqi oil contracts for which it had tendered, but it no longer expects to win them, the exploration company said yesterday.

EXPLORATION firm Petrel Resources has reported a significant increase in losses for 2004.

SHARES in Petrel Resources, the Irish exploration firm, have shot back up following reports that it may be back in the running for an oil field in Iraq.

Shares in Petrel Resources, the Irish exploration firm, have gained another 25% on anticipation that it will be awarded two contracts to develop oil fields in Iraq.

Oil exploration company Petrel recorded an operating loss of €126,000 during the period for the six months ending June 30.

SHARES in Irish exploration firm Petrel Resources lost 7.6% of their value yesterday after it warned that its plan to develop three oil fields in Iraq may be delayed.

AIM-listed oil explorer Petrel has reported a pre-tax loss of €244,638 for the year ended December 31, 2003.

SHARES in Petrel Resources rose 6% yesterday after the oil exploration company said it would step up its activities in Iraq.

Irish oil and gas exploration company Petrel is to accelerate its Iraqi activities with the submission of its third tender to the Iraqi Ministry of Oil.

OIL exploration firm Petrel Resources plans to submit a tender to develop three oil fields in Iraq.

Petrel Resources, the Clontarf-based oil and gas exploration company, is due to submit tenders to develop three oil fields in Iraq - Kirkuk, Hamrin and Subba/Luhais.

Irish exploration company Petrel has placed over seven million shares at 13p each in a private placing with a small number of institutions raising £959,000 (€1.402m).

THE prospect of a share in the vast project to rebuild Iraq has heightened the anticipation of many companies. Some estimates put the cost of reconstruction as high as $100 billion.