PETREL Resources, listed on the Irish secondary market, has raised £1,840,500 (€2.06m) involving subscriptions from three long-standing institutional shareholders.

PETREL RESOURCES, the Dublin-headquartered oil exploration company, has signed a framework case study agreement with the Iraqi Ministry of Oil concerning the Merjan Oil Field area of the troubled country.

Oil exploration company Petrel recorded an operating loss of €126,000 during the period for the six months ending June 30.

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.

Irish oil and gas exploration company Petrel is to accelerate its Iraqi activities with the submission of its third tender to the Iraqi Ministry of Oil.