Petrel Resources, the Irish exploration group with significant interests in Iraq, says it has no immediate plans to raise fresh equity, following a Sunday newspaper report that a £60m sterling share placing was being considered.
In a statement today Petrel said no equity placing would be made until proposals were agreed with the relevant Iraqi authorities.
Petrel's shares have nearly doubled in value today to 12p per share, having already doubled in value in recent weeks.
Petrel claims the rights to two oil fields near Basra, but the change of regime in Iraq has left some doubt about the legal title of deals made by oil companies with Saddam's regime.
Petrel also said in today's statement that chairman John Teeling and chief executive David Horgan had been granted options over 100,000 shares at a price of 5.25p.
