AIM listed oil and gas explorer Petrel Resources has reported pre-tax losses of €228,000 for the six months to the end of June. This compares to losses of €417,000 the same time last year.

The company, which focuses on oil exploration in Iraq, said that talks were ongoing between the partners on the Subba and Luhais oilfield developments. However, it added that agreements accepted by Petrel are not being implemented.

Petrel also said that talks with potential farm-in partners for a project in Jordan were at an advanced stage.

It said its technical and geological analysis has been accepted by the potential partner despite the challenging capital market conditions over the past year.

'Petrel is determined to stay in Iraq to participate in the growth,' commented company Chairman John Teeling.

'No-on has more recent practical experience or understands the potential and challenges of the country better than us. We have survived through all the challenges, demonstrated our commitment and resilience, and expect to share in the rewards,' he added.