Petrel shares rise 6% as it steps up oil exploration activities in Iraq

SHARES in Petrel Resources rose 6% yesterday after the oil exploration company said it would step up its activities in Iraq.

Petrel submitted the third of a series of tenders to develop Iraqi oilfields yesterday.

It had already applied for permission to carry out work on a 120,000 barrel per day facility in Kirkuk in the north of the country and on a 100,000 barrel per day project in the central Iraqi oilfield of Hamrin.