Petrel to study new Iraqi area
Thursday, 6 October 2005Exploration company Petrel has signed an agreement with Iraq's oil ministry to carry out a study on the Merjan Block in central western Iraq.
A team of four people from Petrel and four from the ministry's Oil Exploration Company will conduct the study. The area surrounds the Merjan oil field, which was discovered in 1983.
Recently, Iraq awarded Petrel the Subba and Luhais oil field development services contract. Petrel had worked on this project since 1999.
Petrel Resources also said this evening that has completed a placing of over four million new ordinary shares at 65pence per share. The company says this will raise £2.61m sterling, net of expenses.
It says the funds will be used to enable the company to commence work on the Subba and Luhais field.
