Petrel Resources, the Irish exploration company heavily focused on Iraq, has reported a pre-tax loss of €244,065 for the year to December 2003, compared to a €238,080 deficit in the previous 12 months.
As a result, it announced a loss per share of 48 cents, compared to a 2002 loss of 54 cents.
But Petrel remained upbeat about its prospects in Iraq, where it has submitted tenders to develop "significant" oil fields in Kirkuk to the north of the country and in the central area of Hamrin.
Permission has also been sought to redevelop and refurbish the Subba and Luhais fields to the south.
Each of the three projects has the potential to create 100,000 barrels a day, said Petrel Resources.
Despite the current instability, Petrel was committed to a long-term presence in Iraq, said chairman Mr John Teeling.
As one of the few explorers with a toe-hold in Iraq, Petrel Resources has attracted growing investor interest, Mr Teeling claimed.
Of crucial importance was the fact that Petrel is one of the few, if not the only, western oil companies to maintain dialogue with the Iraq oil ministry, he said.
"We believe that Iraq is the best oil province in the world. Known resources of 115 billion barrels are only a fraction of what might be there," he said. "Much of the country remains unexplored at surface and at depth."
With all three projects set for production within 24 months, Petrel is well-positioned to capitalise on Iraq's move towards sovereignty, said the company.
The Petrel balance sheet shows net cash outflow from operating activities at €68,811, compared to €406,812 in 2002.
Net cash inflow from financing was €1.31 million from €5692,232 the previous year.
