Exploration company Petrel Resources has clarified its position with Iraqi national authorities in relation to existing and historic projects in which the company has or had an interest.
During the year, Petrel appointed a new Baghdad/Amman based team of Iraqi citizens to review the standing of and opportunities for Petrel in Iraq.
The company said today that this process has been completed.
The team's second objective is to work with national and regional authorities in Iraq to identify projects in which Petrel can be involved. This work is ongoing, the company added.
''This is a new start for Petrel in Iraq. We are long term believers in the massive potential for the country,'' commented Petrel's chief executive John Teeling.
''We are working quietly with the national and regional authorities to identify ways forward,'' he added.
