Petrel Resources results for the year ended December 31, 2011, have revealed that the oil exploration and production company has a cash position of EUR 4.2 million (US$5.2 million) and has plans for further African expansion
Assisted by the US$2.5 million gained in relation to the Subba and Luhais oil fields, southern Iraq, Petrel has experienced a significant fiscal increase from 2010, when the company was functioning at a cash position of EUR 2.7 million (US$3.4 million).
Petrel Resources chairman John Teeling said, "We have a strong cash position, expertise, data, skills and live operations. But we are not satisfied."
“We are examining ways in which we can use all of the assets and expertise in Petrel to revitalise interest in the company. In a time of massive economic uncertainty, Petrel, with cash, is in a good position," he added.
As well as announcing its intention to expand its African business interests, Petrel revealed its assistance with the ratification of the Petroleum Agreement on Tano 2A Block, Ghana, through financial provision to the Ghana National Petroleum Company.
