- Oil explorer Petrel booked a narrower annual loss after the previous year's result was marred by asset writedowns.

Pre-tax losses for the year through December amounted to €239k, compared to losses of €4.4m on-year.

'Oil and gas grassroots exploration has proven to be an expensive experience for Petrel shareholders,' chairman John Teeling said.

'There is little interest in the sector.'

'Petrel has had a loyal following for decades but as the downward cycle in exploration share prices continues and intensifies even the loyalists lose hope.'

'We continue to press of ratification in Ghana and continue to seek farm in partners for our offshore Ireland interests.'

'Interest is reviving in Iraq. We now have the people to seek out operations on the ground.'

'As a board we are awake to other opportunities both in our sector and in different industries.'

'Because we are a small, tightly held company with a big shareholder base we are an attractive vehicle for a new project.'

'Nothing presented to the board has yet been deemed good enough for shareholders.'

At 8:27am: [LON:PET] Petrel Resources PLC share price was -0.25p at 1.1p

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