Exploration group’s shares rise

Shares in Petrel Resources, the Irish exploration firm, have gained another 25% on anticipation that it will be awarded two contracts to develop oil fields in Iraq.

Petrel executives are due to meet with the Iraqi oil minister soon to thrash out the final terms of the contracts.

The shares have added 120% this week alone and have added 645% in the past 12 months.

Petrel has submitted tenders to develop three fields & in the western deserts of Iraq.