Petrel Resources PLC on Thursday reported a loss with the company incurring a notable impairment.

The Iraq and Ghana-focused oil & gas explorer said in 2023, pretax loss widened to €491,086 from €310,813.

Petrel shares were down 30% to 0.95 pence each in London on Thursday afternoon.

Administrative expenses declined 2.0% to €304,453 from €310,813.

In 2023 the company incurred an impairment of exploration and evaluation assets totalling €186,633.

Cash and equivalents held by Petrel stands at €35,667, down 79% from €166,309.

‘The board is considering expansion opportunities in the Middle East and North Africa, including reviewing oil & gas assets with prospectivity for other gas resources such as helium which the board believes would offer some beneficial diversification given current market conditions outlined above,’ Petrel said.

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