Irish explorers Clontarf Energy and Petrel Resources are confident of finally reaching a lasting agreement with Ghana’s government over the replacement of lost acreage in the west African country before the end of this year.

Petrel Resources — the Irish AIM-listed exploration firm — has reported a near 28% narrowing in first-half losses.

John Teeling has said exploration firm Petrel Resources, of which he is chairman, has ample resources to weather the current challenging market conditions produced by the low oil price environment.

The oil market is working: High-cost production is being retired and new projects are delayed or cancelled while demand is again surging.