Issue of Equity Holdings in Company

RNS Number : 2112H

Petrel Resources PLC

30 July 2019

 

30^th July 2019

Petrel Resources plc

("Petrel" or "the Company")

Issue of Equity Holdings in Company

Total Voting Rights

Placing

Petrel Resources plc is pleased to announce that the Company has arranged a placing at 1.25¢ per share (the "Placing Price"), raising €559,861 by the issue of 44,788,913 new ordinary shares in the Company (the "Placing Shares"), representing 29.99% of the enlarged share capital (the "Placing").   

The net proceeds from the Placing will be utilised by the Company to acquire and develop assets in the Middle East and North Africa.

Director, David Horgan commented:

"The Middle East & North Africa (MENA) offers unique oil & gas opportunities for those able to operate.  Petrel has worked in the Middle East since 1999, and has shown the ability to operate in challenging circumstances, without loss of life or equipment.  We have being strengthening our Iraqi expertise in recent months." 

"The group of new investors in Petrel bring significant financial and hydrocarbon experience in the MENA region".

Admission to AIM

The Placing shares will rank pari passu with the Company's existing ordinary shares of €0.125 each (the "Ordinary Shares").  Application will be made for the Placing Shares to be admitted to trading on AIM ("Admission") and it is expected that such Admission will become effective on or around 5^th August 2019.

Board appointments

The Company have agreed with the group of new investors that it can nominate two directors to the Board.  These appointments, which will be subject to regulatory approvals, will be announced in due course

Holdings in Company

Pursuant to the Placing,  and at Admission, the Company has been informed that Mr Roger Tamraz and Mr Michel Fayad will each hold 14,934,615 ordinary shares in the Company, with each holding representing 10 per cent of the Company's issued share capital.

Total Voting Rights

Following the Admission of the Placing Shares, there will be a total of 149,346,159 Ordinary Shares in issue with each share carrying the right of one vote.  The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

For further information please visit http://www.petrelresources.com/  or contact:

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Enquiries:

Petrel Resources
John Teeling, Chairman	[phone]
David Horgan, Director
Nominated Adviser and Broker
Beaumont Cornish - Nominated Adviser  Felicity Geidt Roland Cornish	[phone]
Novum Securities Limited - Broker  Colin Rowbury	[phone]
Blytheweigh - PR Julia Tilley Fergus Cowan	[phone] [phone] [phone]
Teneo Luke Hogg Alan Tyrrell	[phone] [phone]

 

END

 

 

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