Petrel Resources Rockets on Iraq Announcement

By John Lee.

Shares in Irish-based exploret Petrel Resources jumped more than 37 percent on Friday, following the announcement of a possible deal in Iraq.

The Board said that negotiations on "a potential Iraqi investment are at an advanced stage whereby a private company with extensive hydrocarbon interests in Iraq would inject an asset into Petrel in return for a minority shareholding in Petrel as well as board representation."

(Sources: Petrel Resources, Yahoo!)

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