Petrel Resources PLC Board Appointments (5325N)
25 Septiembre 2019 - 01:01AM
UK Regulatory
TIDMPET
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.
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
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
Teneo
Luke Hogg +353 (0) 1 661 4055
Alan Tyrrell +353 (0) 1 661 4055
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END
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September 25, 2019 02:01 ET (06:01 GMT)
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