Issue of Equity

Petrel Resources PLC
13 March 2003

Petrel Resources is delighted to announce that it has raised £136,500 by way of
a placing of 2,600,000 new ordinary shares in the capital of the Company at
5.25p per share to augment the Company's available working capital. A further
150,000 new ordinary shares will be issued to satisfy fees in connection with
the placing. Application will be made for the total 2,750,000 new ordinary
shares to be admitted to AIM and it is expected that admission will take place
and dealings commence on 24 March 2003.


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