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Petrel Resources - Proposals by investor group to increase holding

A Circular will be  dispatched today to Shareholders giving Notice of an Extraordinary General Meeting to be held in Dublin on November 21st at 12 noon at which meeting approval will be sought to issue 64,035,976 new ordinary shares at 1.25 cent a share to the Concert Party being private equity investors and friends and business acquaintances of Mr Roger Edward Tamraz or Mr Michel Fayad. 


Should the shareholders approve, the Concert Party will then hold 51% of the issued ordinary shares of Petrel. Mr Fayad will directly hold 7% of Petrel, Mr Tamraz 7% and Mr Mehraik 3.5%.


Mr Fayad, a Director of Petrel is a private equity investor and founder of Boost Incorporated an integrated international oil company. Mr Mehraik, is a private investor and president of Tamoil USA Inc.  Mr Tamraz specialises in oil, gas and banking. He founded among other ventures, Tamoil and Oil Capital Ltd (OCL) Inc. and was a leading figure in the development of the SUMED and BTC pipelines.


It is anticipated that a flow of potential investment proposals will be offered to Petrel.

Regulatory approval has been received from The Irish Takeover Panel to proceed with the proposals.


Details of the proposal and on the individuals involved are contained in the Circular, extracts from which are included in Part II to this Announcement and which is available on the Company's website: www.petrelresources.com.


John Teeling, chairman, commented. "I am absolutely delighted that we have the regulatory clearance to proceed with the increase in shareholding of the group headed up by Messrs Tamraz and Fayad to 51% of the issued share capital following the initial subscription by this group in July. This group brings a wealth of oil, gas and financial expertise to Petrel. And we look forward to a potential flow of deals. Mr Fayad and Mr Tamraz will be in attendance at the meeting in Dublin on November 21st. The future looks exciting".

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