Petrel 'encouraged' with results at Porcupine Basin

Shares in Irish oil exploration group Petrel Resources got a boost on Thursday after the company said the first two phases of work on the northern and eastern sections of the Porcupine Basin are complete, with several new targets having been identified.

Shares in Irish oil exploration group Petrel Resources got a boost on Thursday after the company said the first two phases of work on the northern and eastern sections of the Porcupine Basin are complete, with several new targets having been identified.

The firm said it was "encouraged" by results emerging from the technical study of the area, where, as part of its analysis, it is inverting selected seismic data to test the anticipated presence of reservoir sands. The results will be integrated into it interpretations and allow it to extrapolate data from historic wells.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.