Northland Capital Partners View on the City: Petrel Resources
Date
6/26/2016 8:01:59 AM
(MENAFN- ProactiveInvestors - UK) Accendo Markets , Fri
Petrel Resources (LON:PET) CORP: FY15 results
Market Cap: 6.5m; Current Price: 6.5p
Irish offshore comes to the front
Adj. LBT in FY15 totalled 227,234 down from 430,517 in FY14, largely due to a substantial reduction in administrative expenses.Net cash totalled 795,647 in FY15 down from 1,068,343 in FY14.
NORTHLAND CAPITAL PARTNERS VIEW: FY15 was a year of transition for Petrel Resources and 2016 has seen the Company increase its efforts on the Atlantic offshore Ireland. At Petrel''s 15% interest in FEL 3/14 joint venture partner - Australian gas major, Woodside, is currently shooting a 3D seismic programme that could lead to at least one well being drilled at no cost to Petrel. At its new options; 16/24 and 16/2, Petrel has commenced its agreed work programme, that is fully funded, to identify potential targets for further work, following this the Company will look to farm out the projects for the more costly exploration phase. While in Ghana the Company has been informed that the Ghanaian Ministry of Petroleum is available for negotiations on the Lukoil B Block, which could lead to the company gaining an interest in the prospective block.
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