Petrel Resources PLC Share Buyback & Cancellation (5502W)

TIDMPET

RNS Number : 5502W

Petrel Resources PLC

02 August 2018

2(nd) August 2018

Petrel Resources plc

("Petrel" or "the Company")

Share Buyback & Cancellation

Petrel announces that, following the Results of AGM announcement of 25(th) July 2018, it has duly entered into and completed each of:

(i) the contract between Amira Petroleum N.V., Amira International Holding Limited and the Company for the purchase of 16,147,368 ordinary shares of EUR0.0125 each in the capital of the Company ("Ordinary Shares") for nominal consideration; and

(ii) the contract between Hannam & Partners (Advisory) Group Services Ltd and the Company for the purchase of 600,000 Ordinary Shares for nominal consideration.

The aggregate 16,747,368 Ordinary Shares will immediately be cancelled upon their repurchase by the Company (the 'Cancellation').

Consideration

The purchase consideration of GBP20 was satisfied by the issue of 1,000 Ordinary Shares to Elena Howard at a price of 2p per Ordinary Share (the 'Consideration Shares').

Application will be made for the Consideration Shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective and dealings will commence at 8:00am on 7(th) August 2018.

Total voting rights

Following both the issue of the Consideration Shares and completion of the Cancellation, the Company's issued share capital will comprise 82,935,624 Ordinary Shares, none of which is held in treasury. This figure of 82,935,624 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

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

ENDS

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

Enquiries:

 
            Petrel Resources 
 John Teeling, Chairman                      +353 (0) 1 833 2833 
 David Horgan, Director 
 
 Nominated Adviser and Broker 
 Northland Capital Partners Limited 
 David Hignell / Edward Hutton (Corporate 
  Finance)                                   +44 (0) 20 3861 6625 
 Rob Rees / Isabella Pierre 
 
 Public Relations 
 Blytheweigh                                 +44 (0) 207 138 3206 
 Simon Woods                                 +44 (0) 746 643 9633 
 Camilla Horsfall                            +44 (0) 787 184 1793 
 
 
   Teneo PSG 
 Luke Hogg                                   +353 (0) 1 661 4055 
 Alan Tyrrell                                +353 (0) 1 661 4055

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END

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August 02, 2018 02:00 ET (06:00 GMT)

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