TIDMPET
RNS Number : 7919D
Petrel Resources PLC
24 October 2022
24 October 2022
Petrel Resources plc
("Petrel" or "the Company")
Placing to Raise GBP250,000
PDMR/Director Dealing
Total Voting Rights
Petrel Resources Plc (Lon: PET) is pleased to announce that the
company has arranged a placing with Monecor (London) Ltd trading as
OvalX to raise GBP250,000 (before expenses) via the issue of
20,833,333 new ordinary shares (the "Placing Shares") at a placing
price of 1.2p per Placing Share. Each Placing Share has one warrant
attached with the right to subscribe for one new ordinary share at
1.8p per new ordinary share for a period of two years.
Use of Funds
The proceeds of the placing will provide the company with
additional working capital, as Petrel's board continues to assess
new projects in Iraq, and advance its Ghanaian interests.
Petrel had previously conducted a Technical Cooperation
Agreement on the Merjan oil-field in west-central Iraq, in a 50%
partnership.
Following the steadily improving security conditions in this
part of Iraq, and increasing global oil and gas prices, Petrel had
proposed to develop this discovery under applicable Iraq
contracts.
Post-election delays frustrated our efforts to advance this
project, but as of October 2022 a new administration is being
formed.
Accordingly, Petrel expects to enter into pre-qualification
discussions with the Ministry of Oil. Discussions may cover
Petrel's past studies on the Merjan-Kifl-West Kifl area, and the
Mesozoic and Paleozoic potential of the Western Desert.
Following a hiatus due to the C-19 pandemic and the temporary
absence of the farm-out market for oil & gas projects, Petrel
is again in discussion with the Ghanaian authorities on
ratification and development of its Tano acreage.
Directors and Secretaries Holdings
John Teeling and James Finn have participated in the placing on
the same terms as described above as follows;
Name No of Placing Resultant Shareholding % of Enlarge
Shares Issued Share Capital
John Teeling 833,333 21,919,871 12.32
James Finn 833,333 13,618,718 7.66
Admission and Total Voting Rights
An application will be made for the admission of the Placing
Shares, which will rank pari passu with the existing ordinary
shares in issue, to trading on AIM which is expected to occur on or
around 27th October 2022 ("Admission").
Following Admission, there will be a total of 177,871,800
ordinary shares in issue with each ordinary share carrying the
right to one vote. This 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 and
Transparency Rules.
David Horgan, Director, commented:
"The supply/demand balance for oil is shifting in Iraq's favour.
The dramatic growth in North American fracked output between 2005
and 2014 is no longer a concern for OPEC exporters. Sanctions on
Russia, Iran and Venezuela had constrained the early development of
their resources, while demand has returned to pre-pandemic levels -
particularly in Asia."
"The new Iraqi Government plans to streamline contract awards
and fiscal terms so as to deliver increased output for Iraq's
economic development. We have the team, experience and skills to
participate in the coming boom".
The following information relating to the transaction has been
filed with the FCA in accordance with the UK Market Abuse
Regulation
John Teeling
1 Details of t he p erson disc harging managerial responsib
ilities / p erson closely associated
a) Name John Teeling
--------------------------- ----------------------------------------
2 Reason for notification
---------------------------------------------------------------------
a) Position / status Director
--------------------------- ----------------------------------------
b) I nitial notification Initial
/Amendment
--------------------------- ----------------------------------------
3 Details of t he issu er, emission allow a n ce m a
r k et participan t, au ct ion plat for m, au ction
eer or auc tion monitor
---------------------------------------------------------------------
a) Name Petrel Resources plc
--------------------------- ----------------------------------------
b) LEI 213800WYDLD78V7NI563
--------------------------- ----------------------------------------
4 Details of t he t ransact ion (s): section to be re
p eated for ( i) e a ch type of instr u m e n t; (ii)
each type of transac tion; (iii) each date; and ( iv)
each place w h ere transactions have b een condu cted
---------------------------------------------------------------------
a) Description of the Ordinary shares of 1.25c each in
financial instrument, Petrel Resources plc
t ype of instrument
I d e ntification ISIN IE0001340177
code
--------------------------- ----------------------------------------
Nature of the transactions
* Placing participation
--------------------------- ----------------------------------------
c) Price(s) and volumes(s)
Price(s) Volumes(s)
1.2 pence 833,333
-----------
--------------------------- ----------------------------------------
d) Aggregated information n/a
--------------------------- ----------------------------------------
e) Date of the transaction
* 21 October 2022
--------------------------- ----------------------------------------
f) Place of the transaction London Stock Exchange, AIM (XLON)
--------------------------- ----------------------------------------
James Finn
1 Details of t he p erson disc harging managerial responsib
ilities / p erson closely associated
a) Name James Finn
--------------------------- ----------------------------------------
2 Reason for notification
---------------------------------------------------------------------
a) Position / status Director
--------------------------- ----------------------------------------
b) I nitial notification Initial
/Amendment
--------------------------- ----------------------------------------
3 Details of t he issu er, emission allow a n ce m a
r k et participan t, au ct ion plat for m, au ction
eer or auc tion monitor
---------------------------------------------------------------------
a) Name Petrel Resources plc
--------------------------- ----------------------------------------
b) LEI 213800WYDLD78V7NI563
--------------------------- ----------------------------------------
4 Details of t he t ransact ion (s): section to be re
p eated for ( i) e a ch type of instr u m e n t; (ii)
each type of transac tion; (iii) each date; and ( iv)
each place w h ere transactions have b een condu cted
---------------------------------------------------------------------
a) Description of the Ordinary shares of 1.25c each in
financial instrument, Petrel Resources plc
t ype of instrument
I d e ntification ISIN IE0001340177
code
--------------------------- ----------------------------------------
Nature of the transactions
* Placing participation
--------------------------- ----------------------------------------
c) Price(s) and volumes(s)
Price(s) Volumes(s)
1.2 pence 833,333
-----------
--------------------------- ----------------------------------------
d) Aggregated information n/a
--------------------------- ----------------------------------------
e) Date of the transaction
* 21 October 2022
--------------------------- ----------------------------------------
f) Place of the transaction London Stock Exchange, AIM (XLON)
--------------------------- ----------------------------------------
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation.
S
For further information please visit
http://www.petrelresources.com/ or contact:
Petrel Resources
+353 (0) 1 833 2833
David Horgan, Chairman
John Teeling ,Director
Nominated Adviser and Broker
Beaumont Cornish - Nominated Adviser
Roland Cornish
Felicity Geidt +44 (0) 020 7628 3396
Novum Securities Limited - Broker
Colin Rowbury +44 (0) 20 399 9400
BlytheRay - PR +44 (0) 207 138 3206
Megan Ray +44 (0) 207 138 3553
Madeleine Gordon-Foxwell +44 (0) 207 138 3208
Teneo
Luke Hogg +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
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