Shares in Petrel Resources, which has exploration interests in Iraq, began trading on AIM yesterday at 11p sterling. They had been trading on OFEX at around the same price.

The listing document showed the chairman, Dr John Teeling, holding 2.1 million shares (valued at £230,000 sterling), representing a 5.4 per cent stake, and Mr David Horgan, group chief executive officer, holding 1.1 million shares (valued at £121,000). Dr Teeling has a number of options; these are over one million shares at an exercise price of 1p per share, over 1.05 million at 5p, and over 150,000 at 10p. Mr Horgan has a similar option package.

Dr Teeling receives a salary of £20,000 (€25,395) and Mr Horgan has a salary of £37,000. Mr Guy Delbes, a non-executive director, receives fees of $20,000.

Petrel reduced its net loss from £799,202 to £105,101 last year. The deficit in its profit and loss account increased from £0.99 million to £1.09 million.

Meanwhile, another company of which Mr Teeling is chairman, Minco, and its joint venture partners, have a very active zinc exploration programme in the Republic with up to 30 holes being drilled this year, said chairman, Dr John Teeling, at yesterday's annual general meeting. While the exploration results so far have been negative, he said that a number of solid targets existed in all four of its licence blocks.