Petrel backs off on Iraqi oil contracts

PETREL Resources has received no official confirmation in relationt o two Iraqi oil contracts for which it had tendered, but it no longer expects to win them, the exploration company said yesterday.

Managing director David Horgan told shareholders at Petrel’s AGM that the company assumed the contracts were no longer up for grabs, based on media reports and news from industry sources.

The company will focus on another contract in Iraq and ramp up activity on a project in neighbouring Jordan instead, he said.