(Alliance News) - Petrel Resources PLC on Thursday reported a loss with the company incurring a notable impairment.
The Iraq and Ghana-focused oil & gas explorer said in 2023, pretax loss widened to EUR491,086 from EUR310,813.
Petrel shares were down 30% to 0.95 pence each in London on Thursday afternoon.
Administrative expenses declined 2.0% to EUR304,453 from EUR310,813.
In 2023 the company incurred an impairment of exploration and evaluation assets totalling EUR186,633.
Cash and equivalents held by Petrel stands at EUR35,667, down 79% from EUR166,309.
"The board is considering expansion opportunities in the Middle East and North Africa, including reviewing oil & gas assets with prospectivity for other gas resources such as helium which the board believes would offer some beneficial diversification given current market conditions outlined above," Petrel said.
By Elijah Dale, Alliance News reporter
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Petrel Resources (PET)