TIDMPET

RNS Number : 6429A

Petrel Resources PLC

22 January 2020

Notification of Transactions by Persons Discharging Managerial Responsibilities and Persons Closely Associated with them

[This form is required for disclosure of transactions under Article 19 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation)]

 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
===  ========================================================================== 
 a)   Name                   Michel Fayad 
     =====================  =================================================== 
 
 2    Reason for the notification 
     ========================================================================== 
 a)   Position/status        Non-Executive Director 
     =====================  =================================================== 
 b)   Initial Notification 
       Amendment               Amendment notification 
     =====================  =================================================== 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ========================================================================== 
 a)   Name                   PETREL RESOURCES PLC 
     =====================  =================================================== 
 b)   LEI                    213800WAVVOPS85N2205 
     =====================  =================================================== 
 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            Ordinary Shares of 1.25 cent each 
       of the financial 
       instrument,            ISIN: IE0001340177 
       type of 
       instrument 
       Identification 
       code 
     =====================  =================================================== 
 b)   Nature of              Disposal of Shares 
       the transaction 
     =====================  =================================================== 
 c)   Price(s) and             Price(s)    Volume(s) 
       volume(s)                Nil         14,934,615 
                                           =========== 
     =====================  =================================================== 
 d)   Aggregated 
       information             14,934,615 Ordinary Shares 
       - Aggregated 
       volume                  Nil 
       - Price 
     =====================  =================================================== 
 e)   Date of the            23(rd) December 2019 
       transaction 
     =====================  =================================================== 
 f)   Place of the 
       transaction             Outside a trading venue 
     =====================  =================================================== 
 g)   Additional 
       Information             Michel Fayad is making this disclosure, however, 
                               the nature of this transaction is subject to 
                               a dispute between himself and the counter party 
                               who he understands to be a Delaware company EYCP 
                               LLC. Mr Fayad when the authorised the transfer 
                               of the above shares he believed that he was not 
                               making a disclosable transaction as it did not 
                               fall within Article 19(7)(a) of the Market Abuse 
                               Regulation as he was transferring the relevant 
                               shares into custody without it being designated 
                               to secure a specific credit facility. Mr Fayad 
                               understands that EYCP dispute this and claim 
                               that upon transfer the shares were designated 
                               to secure a particular facility despite no funds 
                               being advanced under that facility to Mr Fayad 
                               or any others." 
     =====================  ===================================================

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END

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January 22, 2020 11:45 ET (16:45 GMT)

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