REG - Petrel Resources PLC - Placing to Raise £250,000

Petrel ResourcesAnnouncement

24/10/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221024:nRSX7919Da&default-theme=true

RNS Number : 7919D  Petrel Resources PLC  24 October 2022

24 October 2022

 

Petrel Resources plc

("Petrel" or "the Company")

 

Placing to Raise £250,000

 

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
£250,000 (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 Shares Issued  Resultant Shareholding  % of Enlarge 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 the person discharging  managerial  responsibilities  /  person
      closely associated
 a)  Name                                                             John Teeling
 2   Reason for notification
 a)  Position / status                                                Director
 b)  Initial notification                                             Initial

     /Amendment
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                             Petrel Resources plc

 b)  LEI                                                              213800WYDLD78V7NI563
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description  of  the financial instrument, type of instrument    Ordinary shares of 1.25c each in Petrel Resources plc

     Identification code

                                                                      ISIN IE0001340177

     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)

 

 

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 the person discharging  managerial  responsibilities  /  person
      closely associated
 a)  Name                                                             James Finn
 2   Reason for notification
 a)  Position / status                                                Director
 b)  Initial notification                                             Initial

     /Amendment
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                             Petrel Resources plc

 b)  LEI                                                              213800WYDLD78V7NI563
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description  of  the financial instrument, type of instrument    Ordinary shares of 1.25c each in Petrel Resources plc

     Identification code

                                                                      ISIN IE0001340177

     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)

 

 

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.

 

 

 

 

 

ENDS

 

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    +44 (0) 020 7628 3396

Roland Cornish

 Felicity Geidt

 Novum Securities Limited - Broker

Colin Rowbury

                                         +44 (0) 20 399 9400

 BlytheRay - PR                          +44 (0) 207 138 3206

Megan Ray

Madeleine Gordon-Foxwell               +44 (0) 207 138 3553

                                         +44 (0) 207 138 3208

 Teneo

 Luke Hogg                               +353 (0) 1 661 4055

 Alan Tyrrell                            +353 (0) 1 661 4055

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEKXLFLLBLBFBZ