Petrel Resources has narrowed its H1 pretax loss to €106,000, from a loss of €147,000. The losses were mostly due to administrative expenses. Revenue was essentially nil.
"Since 2014 the hydrocarbons industry has had to weather severe storms. Costs have been slashed - as has exploration. But so far, our key Atlantic Joint Venture has not been adversely affected," the company siad.
"On the contrary, the recent Irish Bid Round attracted a record 46 applications from 17 companies, including Exxon-Mobil, Statoil, Woodside and Nexen/CNOOC.
"This surge in international interest has already boosted 3D seismic programmes and will in time, we hope, lead to wells and discoveries. It is an exciting time to be in the Porcupine Basin. Petrel is funded for current activities."
At 9:13am: (LON:PET) Petrel Resources PLC share price was 0p at 7p