Petrel Resources (GB:PET) has released an update.
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Petrel Resources, an oil and gas exploration company active in Iraq and Ghana, has presented its preliminary unaudited results for the year ending December 31, 2023, signaling plans to publish its audited annual report and AGM notice soon. Amidst record oil and LNG demand and high oil prices, the company is considering expansion opportunities in the MENA region, leveraging its established market presence for potential liquidity and capital appreciation. However, the company notes the challenges in the industry, including geopolitical tensions and a general investment downturn since 2014, particularly in frontier exploration and critical minerals necessary for the energy transition.
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