Petrel Resources, the Irish exploration company looking for oil in southern Iraq, says its operating losses increased by 45% to €330,000 in the six months to the end of June compared with the first half of 2006.
Petrel chief executive David Horgan says there is no current oil and gas opportunity to match Iraq. He says the undeveloped proven and probable reserves alone are immense, let alone the unexplored deeper horizons, which have proven to hold massive reserves throughout the wider region.
