Petrel Resources plc
Petrel Resources Plc is a small-cap, pre-production oil and gas exploration and development company listed on AIM, incorporated in the Republic of Ireland. It has no production revenue and holds exploration/development interests in Iraq (Merjan field and gas-monetisation opportunities) and a 30% interest in the Tano 2A Block in Ghana, pending licence ratification by Ghanaian authorities.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 19 Jun 2026 · 50 pages · Company website
Petrel Resources is a small oil and gas explorer with interests in Iraq and a 30% stake in a block in Ghana. It has no production and earned no revenue. Its loss for the year to 31 December 2025 widened to €499k, from €470k the year before.
The company's running costs, mostly professional fees and directors' pay, came to €294,805. On top of that, the directors wrote down the value of the Ghana block by €186,633, the same charge as the year before, because the Ghanaian authorities have still not ratified the licence signed in 2018.
Cash at the year end was just €1k, down from €5k, and the company has no bank borrowings. It raised €299k by issuing new shares and pays no dividend. The auditors flagged a material uncertainty over whether the company can keep going, which depends on raising more money. Management said progress in Iraq is slow and Ghana has taken longer than expected, but they are actively looking at new projects.
No production revenue; costs are entirely administrative/corporate (professional fees, staff costs)
Administrative expenses €294,805 in 2025 (2024: €283,245), comprising professional fees €205,573, staff costs (directors/secretary) €85,000, other admin €4,232
page 33Iraq remains one of the world's most resource-rich hydrocarbon provinces and continues to offer significant long-term potential; progress in Iraq can be very slow and often requires considerable patience, but the opportunities available justify our ongoing commitment.
page 4The directors do not recommend that a dividend be declared for the financial year ended 31 December 2025 (2024: Nil).
page 5Capital preservation through limited operating expenditure
Review of Operations lists 'Capital preservation through limited operating expenditure' as a strategic priority; nil exploration/evaluation additions capitalised in 2025 (2024: nil)
page 39 years on one page · FY2017–FY2025
| Line | FY2017locked | FY2018locked | FY2019locked | FY2020locked | FY2021locked | FY2022locked | FY202312/23 | FY202412/24 | FY202512/25 |
|---|---|---|---|---|---|---|---|---|---|
| Operating profit | |||||||||
| Profit for the year | |||||||||
| Basic EPS | |||||||||
| Dividend per share | — | ||||||||
| Free cash flow | |||||||||
| Net debt (negative = net cash) | |||||||||
| Shares in issue |
EUR millions, negatives in brackets. Per-share lines in cents. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
Nothing restated
Every figure is read again from the following year’s report: 175 confirmed, 4 differ.
No figure has been restated: every figure a later report printed again, it printed the same.