IRISH oil and gas exploration company Petrel Resources’ shares rose 24% yesterday after it emerged it is to receive $7 million (€5.3m) from the Iraqi Oil Ministry in outstanding due payments on a five-year-old service contract.

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.

Petrel Resources, the Irish AIM-listed oil company focused on Iraq, announced a loss of €519,000 for the year ending December 31.