Petrel Resources PLC Interim update on enforcement of Share Lock-In (2297A)

TIDMPET

RNS Number : 2297A

Petrel Resources PLC

17 January 2020

17(th) January, 2020

Petrel Resources plc

("Petrel" or "the Company")

Interim update on enforcement of Share Lock-In

Further to the RNS of 8(th) and 14(th) January, and the November 2019 EGM, the directors of Petrel Resources plc wish to update shareholders on issues arising:

On 17(th) January, Petrel Resources plc made a successful ex parte application to the High Court in Dublin for an interim injunction. This prevents the named parties (being Roger Tamraz, Michel Fayad, Said Mehraik and Chase Nominees) from disposing or otherwise dealing with shares in breach of the share lock-in.

Other relevant parties have been notified of the interim injunction, and its effects.

The directors believe that this interim injunction effectively blocks all trading in the locked-in shares pending disclosure of relevant documents and conclusion of an investigation.

The Company's lawyers have reminded the "Tamraz group" of their obligations pursuant to the FCA reporting requirements, as well as the Lock-in and general share notification requirements.

The board of Petrel has sought full disclosure, and will review the outstanding issues (including the second tranche placing), and make a further announcement as soon as this information is available.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014. The person who arranged for the release of this announcement on behalf of the Company was Jim Finn, Secretary.

A copy of this announcement is available on the Company's website, at http://www.petrelresources.com/ or contact:

END

Enquiries:

 
            Petrel Resources 
 John Teeling, Chairman                  +353 (0) 1 833 2833 
 David Horgan, Director 
 
 Nominated Adviser and Broker 
 Beaumont Cornish - Nominated Adviser 
  Felicity Geidt 
  Roland Cornish                          +44 (0) 020 7628 3396 
 Novum Securities Limited - Broker 
  Colin Rowbury                            +44 (0) 20 399 9400 
 
 Blytheweigh - 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 
  Thomas Shortall                          +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 or visit www.rns.com.

END

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(END) Dow Jones Newswires

January 17, 2020 12:08 ET (17:08 GMT)

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