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Oil company Petrel Resources said it would raise £0.25m via a share placing and expected to enter development talks with Iraqi authorities.
New shares in the company were being offered at 3.25p each.
Talks with the oil ministry were subject to the appointment of responsible officials by the new Iraqi government and the lifting of Covid-19 restrictions.
Discussions may cover Petrel's past studies on the Merjan-Kifl-West Kifl area, and the Mesozoic and Paleozoic potential of the Western Desert, the company said.
'Pending, such discussions, this investment will strengthen the company's balance sheet,' it said of the capital raising.
At 8:48am: (LON:PET) Petrel Resources PLC share price was +0.13p at 3.88p