Petrel Resources says it is ‘financially secure’

Petrel Resources has said it is financially secure for the coming years, and actively preparing for the next offshore Ireland licencing round in 2015.

In March, Petrel together with its operating partner, Woodside Energy, was awarded two Exploration Licences covering 1,050 sq km offshore Ireland. The licences are valid for 15 years with an initial three year phase followed by three phases of four years each.

Petrel said first indications of the prospectivity of our part of the Porcupine Basin will come in 2015 with the drilling of a well on the Spanish Point Discovery.

“The first phase is underway involving environmental studies, reprocessing of available data and the acquisition of new seismic. We anticipate the new 3D Seismic will be acquired in 2015 with drilling likely to take place in 2017,” Petrel said in an interim statement this morning.

Petrel reported a pre-tax loss of €228,000 for the six months to the end of June, compared with a €247,000 loss in the first-half of 2013. The company had a cash balance of €1.7 million at June-end.