Oil exploration company Petrel Resources, which is focused on developing oil fields in Iraq, said today that it had raised just over £1m sterling in a share placing.
Petrel said it had placed 2,440,000 ordinary shares at 43 pence each, and would use the funds for its ongoing activities in Iraq and Jordan.
The oil company, which is listed on London's AIM market, is still awaiting a decision by the Iraqi authorities for two tenders for work on some oil field projects.
Petrel has also signed a memorandum of understanding with the Jordanian government for exploration work on a block close to the Iraq border.
