TIDMPET

RNS Number : 9227B

Petrel Resources PLC

26 September 2018

26(th) September 2018

Petrel Resources plc

("Petrel" or "the Company")

Placing to raise GBP400,000

The Directors of Petrel (AIM: PET) are pleased to announce that the Company has raised GBP400,000 (before expenses) via the placing of 21,621,622 ordinary shares (the "Placing Shares") with new investors at a price of 1.85p per Placing Share (the "Placing"). The Placing Shares represent approximately 20.68% of the Company's issued share capital, as enlarged by the Placing.

The net proceeds of the Placing will fund any costs associated with the ongoing negotiations regarding the Company's Ghanaian assets and will also provide the Company with additional working capital, as the Company's board continues to assess new projects.

The Placing shares will rank pari passu with the Company's existing ordinary shares of EUR0.125 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 11(th) October 2018.

Following the Admission of the Placing Shares, there will be a total of 104,557,246 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 (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 
            Joint Broker 
            Novum Securities Limited 
            Colin Rowbury                               +44 (0) 207 399 9400 
 
 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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September 26, 2018 02:00 ET (06:00 GMT)

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