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.

IRISH oil and gas exploration company Petrel Resources has won its first contract to drill for oil in Iraq.

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 Resources, the Clontarf-based oil and gas exploration company, is due to submit tenders to develop three oil fields in Iraq - Kirkuk, Hamrin and Subba/Luhais.