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.

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.