Petrel Resources (CDI) (PET)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

 2.50p
   
  • Change Today:
      0.000p
  • 52 Week High: 3.15
  • 52 Week Low: 0.95
  • Currency: UK Pounds
  • Shares Issued: 183.87m
  • Volume: 16,639
  • Market Cap: £4.60m
  • RiskGrade: 380

Petrel Resources losses deepen as it focuses on Iraq

By Josh White

Date: Monday 15 Jun 2020

LONDON (ShareCast) - (Sharecast News) - Petrel Resources reported a significant deepening of its operating loss in its preliminary results on Monday, to €1.96m (£1.76m), from €0.24m a year earlier.
The AIM-traded firm, which remains pre-revenue, said its administrative expenses widened to €0.35m for the year ended 31 December, from €0.24m, while it posted an impairment of deferred development costs of €1.61m, compared to nil in 2018.

After negative exchange differences of €0.12m, swinging from a positive €0.1m in the prior year, Petrel's total comprehensive loss for the year was €2.08m, compared to €0.14m in 2018.

Basic and diluted losses per share came in at 1.5 euro cents, widening from 0.27 cents year-on-year.

"The strategy is clear," said chairman John Teeling of Petrel's outlook.

"We focus on Iraq while pushing Ghana with our partners.

"We continue to engage with the group of investors who bought the block of shares in 2019."

Teeling said the company welcomed "any and all" proposals from them.

"To date none of their proposals come with any title," he said, describing them as "ideas and suggestions but of no substance."

"We raised a limited amount of new money - £0.25m - in early 2020 to fund an expansion of our Iraqi involvement.

"This adds to the money invested in new shares by the French group in 2019, so we are well funded for current activities."

At 0907 BST, shares in Petrel Resources were down 9.76% at 3.7p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

PET Market Data

Currency UK Pounds
Share Price 2.50p
Change Today 0.000p
% Change 0.00 %
52 Week High 3.15
52 Week Low 0.95
Volume 16,639
Shares Issued 183.87m
Market Cap £4.60m
RiskGrade 380

PET Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
63.75% below the market average63.75% below the market average63.75% below the market average63.75% below the market average63.75% below the market average
26.32% below the sector average26.32% below the sector average26.32% below the sector average26.32% below the sector average26.32% below the sector average
Price Trend
46.25% below the market average46.25% below the market average46.25% below the market average46.25% below the market average46.25% below the market average
97.56% above the sector average97.56% above the sector average97.56% above the sector average97.56% above the sector average97.56% above the sector average
Income Not Available
Growth Not Available

PET Dividends

No dividends found

Trades for 22-Feb-2024

Time Volume / Share Price
16:21 16,639 @ 2.43p

PET Key Personnel

Chair David Horgan
Finance Director James Finn

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