Petrel shares rise with news of Iraq oil tender

SHARES in Petrel Resources, the Irish exploration firm, have shot back up following reports that it may be back in the running for an oil field in Iraq.

The company’s shares halved in early December after it emerged the Dublin-based firm lost out on a field in Northern Iraq.

Last week, the interim Iraqi government officially awarded its first contract to a Turkish firm called Avrasya for €101 million for the Khurmala Dome, which Petrel was after.