Petrel Resources PLC Board Appointments

Fecha : 25/09/2019 @ 01:01
Fuente : UK Regulatory (RNS & others)
Emisora : Petrel Resources Plc (PET)
Cotización : 4.625  0.375 (8.82%) @ 10:00
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Petrel Resources PLC Board Appointments

Petrel Resources (LSE:PET)
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RNS Number : 5325N

Petrel Resources PLC

25 September 2019

25(th) September 2019

Petrel Resources plc

("Petrel" or "the Company")

Board Appointments

Petrel Resources plc is pleased to announce the appointment of Mr. Michel Fayad as the first of two new non-executive directors, with immediate effect.

In addition, the Board of Petrel intends to appoint Mr. Roger Tamraz as a director at the time when the company undertakes its first major oil & gas transaction in the Middle East & North Africa (MENA).

These appointments follow a strategic placing of 29.99% of the enlarged issued share capital among a new investor group of leading Middle Eastern Oil & Gas investors. Michel Fayad and Roger Tamraz each now hold 10% of the issued share capital of Petrel.

Following this appointment, Arman Kayablian has agreed to step down as a director with immediate effect.

Director, David Horgan commented:

"Petrel's modest size has long constrained our growth in a Middle East & North Africa (MENA) region bursting with opportunity. Too few premier funding institutions supported projects in conflict zones. We need access to bigger projects and deeper capital sources."

"These director appointments may transform Petrel's fortunes. Michel Fayad brings a strong "Rolodex", a flow of high potential projects, as well as significant financial, including hydrocarbon, experience in the MENA region particularly."

"Petrel has 20 years of operating experience in Iraq and neighbouring countries. But past agility has not always been enough. The availability of substantial new backers can now boost Petrel's standing, and therefore the scope of projects that we can tackle. The MENA region has never offered more opportunity."

Michel Fayad, aged 36, is currently director of the following:

   -     Netoil Inc Ltd 
   -     Netoil Iraq Inc Ltd 
   -     Netoil Ajeel Inc Ltd 
   -     Boost Incorporated 
   -     Eiffel Firm Sarl 

There is no further information to be disclosed on Mr Fayad under Schedule Two, (g) (i)-(viii) of the AIM Rules.

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


For further information please visit or contact:


            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) 20 7138 3206 
  Julia Tilley                            +44 (0) 207 138 3553 
  Fergus Cowan                            +44 (0) 207 138 3208 
  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 or visit



(END) Dow Jones Newswires

September 25, 2019 02:01 ET (06:01 GMT)

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