Petrel, the Irish exploration company listed on London's Ofex market, has gone from being a dormant shell facing liquidation to being poised to become a significant hydrocarbon explorer, the firm's chairman, Dr John Teeling, said yesterday. He said a deal was now being finalised between Petrel and Heritage Oil and Gas for the acquisition by Petrel of exploration interests in Uganda and Nigeria.

The company had also carried out "a detailed review of 20,000 kilometres of offshore Irish seismic and logs on 48 wells" which had indicated five areas of potential, Dr Teeling said.