Exploration company Petrel Resources, which has interests in Iraq, has reported a loss of just over €100,000 for the first six months of this year.
Petrel submitted plans to develop three Iraqi oil fields earlier this year and is currently in talks with the oil ministry on finalising outstanding issues in relation to one of these fields.
Petrel says it has been offered full financing for the projects through an international partner.
The company's managing director David Horgan said the company had no business links, directly or indirectly, with any military contacts, and employed local staff where possible. He said this policy had insulated Petrel from difficulties experienced by many foreign companies.
