Petrelstock plunges on Iraq default

IRISH oil and gas explorer Petrel Resources stock fell the most in four-and-a-half years in London trading yesterday after saying it hasn’t been paid for $54 million (€39m) of work in Iraq.

Petrelstock plunges on Iraq default

The company hasn’t been paid for work at the Subba and Luhais fields, Petrel said adding “it is the potential which keeps Petrel in Iraq”.

The stock has fallen 27% this year, giving the company a market value of £25m (€29m). Petrel is seeking oil rights on its Subba and Luhais Iraqi joint venture project after the Iraqi government failed to honour an agreed payment schedule.

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