LONDON--Petrel Resources PLC (PET.LN), an oil explorer,
Wednesday posted a pretax loss of 526,783 euros ($717,200) for
2013, compared with a EUR469,767 loss in 2012, reflecting increased
expenses.
The loss per share was 0.63 euro cents, widened from 0.61
cents.
"Exploring the Atlantic offshore Ireland will occur in the near
future at no cost to Petrel," said Chairman John Teeling. "With
over $2 million in cash we are well funded for the foreseeable
future," he added.
Woodside Petroleum plans to drill on the Porcupine Basin in
2016-17, Petrel said.
Shares down 6.3% at 0735 GMT.
Write to Ed Ballard at ed.ballard@wsj.com
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