Petrel shares drop 7.6% over fears of delay in developing Iraqi oil fields

SHARES in Irish exploration firm Petrel Resources lost 7.6% of their value yesterday after it warned that its plan to develop three oil fields in Iraq may be delayed.

Petrel shares drop 7.6% over fears of delay in developing Iraqi oil fields

The company told shareholders at its annual general meeting that some political developments have presented some challenges to the company’s plans, but have not derailed the projects.

“The new (oil) minister has reasserted the need for professional and pragmatic progress. We have received excellent co-operation and a warm welcome from Iraqi officials,” managing director David Horgan said.

Already a subscriber? Sign in

You have reached your article limit.

Unlimited access. Half the price.

Annual €130 €65

Best value

Monthly €12€6 / month

More in this section

The Business Hub

Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited