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Oilman Jim's Private Blog


Petrel Resources - Enforcement of Share Lock-In

Further to the RNS of 17th 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 24th 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. 

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