PET Petrel Resources Plc

TIDMPET

RNS Number : 9195A

Petrel Resources PLC

24 January 2020

24(th) January, 2020

Petrel Resources plc

("Petrel" or "the Company")

Enforcement of Share Lock-In

Further to the RNS of 17(th) January, on Petrel Resources plc's successful ex parte application for an interim injunction, the directors of Petrel Resources plc wish to update shareholders on substantial further progress:

Today 24(th) January, Petrel Resources plc made a successful application to the High Court in Dublin for a broader interlocutory injunction. This injunction now blocks all trading in the Locked-in-shares pending a full hearing and/or a full resolution to the satisfaction of the board. Neither Chase Nominees (which were represented), nor Michel Fayad, and Said Mehraik (who both attended court) contested the application.

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

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

The board of Petrel continues to pursue full disclosure of the surrounding circumstances concerning the sale of the shares, and will review all outstanding issues in the best interests of shareholders, and make a further announcement as soon as this information is available. Accordingly, Michel Fayad (while remaining a director) has now agreed to step aside from his director's duties for the time being, pending satisfactory resolution of all outstanding issues to the satisfaction of the board.

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 
  Megan Ray 
  Madeleine Gordon-Foxwell               +44 (0) 207 138 3206 
 
 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 24, 2020 11:47 ET (16:47 GMT)

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