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Daily Telegraph: Iraq deal

By Ben Bland
Last Updated: 1:05am GMT 21/02/2008

Petrel Resources, the Iraq-focused oil prospector, surged 28½ to 119p after the Iraqi oil ministry extended its technical co-operation agreement with Petrel for another year.

Investors are hoping the deal will help Petrel to clinch potentially lucrative exploration rights as and when Iraqi politicians finally pass the long-awaited oil law.

More than 70 international firms – believed to include Royal Dutch Shell and BP – have registered to compete for tenders to help develop Iraq’s oil reserves.

However, talks on the oil law have stalled over disagreements between Baghdad and the autonomous Kurdistan region over who will control the oil fields and how revenue will be shared.

“We are very pleased to have begun the process that will see us move from managing technical studies and construction projects to becoming a fully fledged exploration and production operation,” said David Horgan, Petrel’s managing director.

Mr Horgan has been involved in Iraq for many years and believes that his use of “local hoodlums” instead of international security contractors means that Petrel is better placed to operate in the war-torn country.

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/02/21/cxmktrep121.xml

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