Shareholders at Petrel Resources' AGM heard today that the company is pushing forward with its submissions to develop the Khurmala Dome, Hamrin and Subba and Luhais oil field developments in Iraq.
Petrel's Managing Director David Horgan told shareholders that although recent political developments have presented some challenges, they have just delayed and not derailed the company's work in Iraq.
He said the company is now in detailed technical discussions with the Iraqi Ministry of Oil on the first two of the three tenders submitted recently.
Petrel says that it employs, where possible, local staff in Iraq. Mr Horgan said these workers are 'honest, brave and reliable'.
He told today's AGM in Dublin it believes that funding should not a problem for their work in Iraq, given the economics and geology of Iraqi oil.
'Petrel aims to become an oil independent developing Iraqi oil fields and exploring the western desert,' Mr Horgan told shareholders.
The shares closed down 7% at 43.5p in London.
