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.
8 annual reports read, FY2018 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Company website (8)
FY2026Next report expected 27 Jun 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it namesWhat moved the marginheadwindNo 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 33AndtailwindCapital 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 3One-offs in the year€187k charge: Impairment of exploration and evaluation assets (Ghana, Tano 2A Block, 20% write-down of carrying value)
page 21What management saidIraq 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 4After the year endThere are no significant post balance sheet events affecting the Company or Group (Note 24).
page 43The dividendThe directors do not recommend that a dividend be declared for the financial year ended 31 December 2025 (2024: Nil).
page 5Going concern and the auditAuditors (Azets Audit Services Ireland Limited) issued an unmodified opinion with a 'Material uncertainty related to going concern' paragraph (opinion not modified). Group loss for the year was €499,014 (2024: €469,878); net current liabilities €817,868 (2024: €590,533); cash balance only €1,379 at year end. Going concern is dependent on the Group obtaining additional finance for at least the next 12 months. Key audit matter: valuation and recoverability of intangible (exploration and evaluation) assets under IAS 38/impairment risk.
page 16The risks it names first- Licence obligations — operations must comply with host-country licence terms; licences may be suspended, amended or terminated for non-compliancep.6
- Requirement for further funding — no guarantee that future market conditions will permit raising of necessary funds via equity, debt or farm-outs; failure could significantly affect ability to execute long-term growth strategyp.6
- Geological and development risks — exploration activities are speculative and capital intensive with no guarantee of identifying commercially recoverable reservesp.6
- Title to assets — title to oil and gas assets in Ghana can be complex; Group is currently awaiting ratification of its Ghana licencesp.6
Read from C000998-AR-2025-website.
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