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Petrel Resources Intends to Reinstate Presence in Iraq After Influx of Substantial Investment in Irish Company

An Irish oil exploration company cited recent “substantial investors” will allow for the company to focus on Iraq as a potential market for their business endeavors.

An Irish oil exploration company, Petrel Resources, led by John Teeling, cited recent “substantial investors” will allow for the company to focus on Iraq as a potential market for their business endeavors. 

 

The first part of 2019 saw Petrel Resources reporting no revenue and now, the company is focused on rebuilding their Iraqi presence, more in addition to the Ghanaian Tano 2A block petroleum and the Irish Atlantic Porcupine Basin. Petrel’s new investors have a 29.99% enlarged share capital of the company and the net proceeds will be utilized to acquire and develop assets in the Middle East and North Africa; the new group of investors also plans to nominate directors with significant financial and hydrocarbon experience in the MENA region.


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