By John Lee.
Shares in Petrel Resources (AIM: PET) have rallied more than 25% since the company issued an update on the Company's position in Iraq.
In mid 2012, Petrel appointed a new Baghdad/Amman based team of Iraqi citizens to review the standing of and opportunities for Petrel in Iraq. The first objective was to clarify the position of Petrel with the national authorities in relation to existing and historic projects in which Petrel has or had an interest. This is done, the company said in a statement.
The 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.
John Teeling, Chairman, commented:
"This is a new start for Petrel in Iraq. We are long term believers in the massive potential for the country. We are working quietly with the national and regional authorities to identify ways forward."