The Irish Independent reports on the findings by the Dublin-based company which show enormous reserves of oil in the Porcupine Basin off the south-west coast.
As previously reported on Afloat.ie, the company said in September that it has identified a number of targets across the more than 1,400 sq km area of the Atlantic Ocean west of Dursey Island.
Technical studies conducted then on blocks in the northern and eastern parts of the basin for reservoir sands were described as "encouraging".
Now Petrel says that computer analysis shows several oil fields stacked in layers that could be tapped by a smaller number of oil wells.
The distance from shore - approximately 200km - plus the location of the oil reserves beneath 1km of water and a further 3km of rock present some difficulties, but new techniques in the oil industry are allowing previously undrillable resources to be extracted.
Petrel Resources is seeking a partner to invest in drilling for oil, and is preparing its application to the Government for a licence.
The Irish Independent has more on the story HERE.