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Petrel Resources PLC - hydrocarbon explorer with interests in Iraq and Ghana - Posts nearly the same interim figures as a year ago. Pretax loss in half year to June 30 narrows to €140,000 from €162,000. Generates no revenue in either year. Posts a brief outlook, stating ‘Petrel is confident that necessary funding will be available for medium term ongoing activities.’
Iraqi oil output recovers to 4.7 million barrel per day, firm says. A year ago, the firm said that the worst outcome would be a stagnation at 4 million barrels daily.
‘Despite challenges, Iraq offers the best petroleum commercial opportunity. Iraqi geology is unsurpassed. Oil demand reaches new records - despite high prices constraining demand - especially in gas. But barriers to rapid expansion are above-the-ground issues of logistics and contractual weaknesses, rather than lack of geological potential. The solution is to align interests, so that capital, technology contracts must be updated for effective exploration and development,’ Petrel says.
Current stock price: 1.50 pence, down 19% on Tuesday
12-month change: down 13%
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