The London-listed minnow pointed out that “no junior or smaller independent oil companies” made it into the next stage of the country’s fourth licensing round announced on Monday.
Petrel was one of only nine companies axed from the list of original applicants with the company’s shares chopped almost 18% as a result.
“We were disappointed not to have qualified for the current bid round process,” commented managing director, David Horgan, in a statement on Monday afternoon.
“Our
