Petrel Resources PLC

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Market Cap:
£4.24 m
2.70 GBX
52 weeks high
52 weeks low

In brief

Petrel Resources is an Irish based exploration and production company with a focus on Iraq, Ghana and Ireland. The Company was founded in 1980’s, and listed on the London Stock Exchange’s Alternative Investment Market (AIM) in August 2000. Our motto has been that politics changes geology doesn't, hence we went to the world's best oil play; Iraq.
Petrel’s initial objective was to become an Iraqi oil producer. However, due to the bureaucratic processes, the ratification of licences has slowed down. New management has been put in place and they are confident of resolving the issues in Iraq and also identifying new projects. As a result of the delays Petrel as an agile oil and gas explorer has diversified. Petrel is a 30 per cent holder, through a local Ghanaian registered company, in a high potential project in the Tano Basin, Ghana, close to Tullow’s recent find. The company has also returned to its roots; improved fiscal terms and new technology has meant offshore Ireland, once again, is been reviewed as a high potential prospect. Our recent one billion barrel potential on our licence block confirms that.