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Petrel advances Iraqi deals despite chaos.
(From Irish Independent)
PETREL Resources, the exploration junior with interests in Iraq, will continue its policy ofmaking small placings for funds until it needs to raise substantial finance for oilfielddevelopment, according to the annual report.
Chairman John Teeling said yesterday that Petrel is pushing ahead with a number of developments in Iraq from a recently opened office in Baghdad.
"The situation there is still chaotic. There are very few basic services like electricity andwater, and there is no point in developing further until they are sorted out," Dr Teeling said, referring to the post-war situation.
Petrel has submitted a detailed tender to refurbish the Subba/Luhais oilfields in the Basraarea. The project would cost $355m ...
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