Petrel back in the saddle in Iraq

25th Jun 2010 14:14

John Teeling, chairman of Iraq-focused oil exploration company Petrel Resources, claimed the company is better placed to progress than it has been for some years, despite reporting sharply increased losses last year.The company made a loss before tax of €6.53m on zero revenues in 2009 after losing €0.76m on revenues of €8.23m in 2008.Teeling's upbeat mood was engendered by the company restarting work in Iraq, in its joint venture with Makman. The company has also gone back to its roots as an African oil explorer and taken a 30% stake in what it calls the "coveted" Ghana Block 2A."We are financially stable with $7m in cash or guaranteed cash. There is clarity in our position in Iraq. We will support Makman as they complete Subba and Luhais. We are ready to commence field work on Block 6 once title is ratified. When an Iraqi government is formed and an oil policy agreed, we will make strenuous attempts to obtain one or more oil fields," Teeling said.