Petrel Resources chairman John Teeling has told shareholders that following two years of negotiations, an exploration deal has been agreed in principle with Iraqi oil officials covering a 10,000 square metre block in the Western Desert between Baghdad and Jordan.
The AIM-listed exploration company is now awaiting formal approval of the agreement by the Iraqi authorities.
John Teeling told the company's AGM in Dublin: 'I hope that the current evaluation of the sanctions against Iraq will lead to an agreement to greatly relax, if not completely eliminate them.'
Petrel says it maintains an active presence in Iraq and is ideally placed to be a key player as and when sanctions are eased.
