Veteran exploration investor John Teeling, chairman of Petrel Resources, told the company's agm in Dublin yesterday that it was preparing an application for the State's forthcoming offshore licensing round in September.

Mr Teeling (pictured above) also told investors there was “virtually no activity” taking place in its exploration assets in Iraq.

"Block 6 acreage in Anbar province is a no-go area. There remains a belief that the authorities in Wasit province will agree to exploration permits which will enable drilling by our partner, Oryx Petroleum, " the company said.

Petrel also said Woodside Energy, its Australian partner in two exploration blocks in the Porcupine Basin off Ireland’s west coast, was awaiting Government approval to conduct a seismic campaign.

“Originally scheduled for 2015, this is now likely to be completed in 2016. Assuming positive results, drilling is possible in 2018,” it said.