Petrel Resources, the loss-making Irish exploration company listed on London's Ofex market, has announced a strategic change in direction. The main focus of the company's activities for the foreseeable future will be Iraq, although it will continue to develop its oil and gas interests in Uganda and Namibia.

At its a.g.m. in Dublin yesterday, chairman, Mr John Teeling announced several initiatives in Iraq, one of the largest oil areas in the world.

Petrel has submitted a tender to the Iraqi government to re-open and develop two substantial oil fields. It has also become a minority partner with a Canadian company in a bid to develop an oil field in central Iraq.