Clontarf-based oil company Petrel Resources has raised just under £1 million sterling to explore a potential oil field in Iraq.
In a statement released today, the company said it has placed 7,380,762 shares at 13 pence each in a private placing with a small number of institutions.
The company said it was negotiating with the Oil Ministry in Baghdad to explore Block 6 in the country's western desert.
Petrel managing director Mr David Horgan said the secrecy of the former regime has gone and that the company was warmly received in recent visits to the country.
