Oil exploration company Petrel Resources announced today it had made over £1 million in a share placing.
The company, which focuses on Iraq and the Arabian western desert, said it made an institutional placing of 2,440,000 ordinary shares at 43p each.
Listed on London's AIM market, Petrel is awaiting a decision by the Iraqi authorities on two tenders for oil field service contracts to develop, as a contractor, two separate oil field projects in Iraq.