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Petrel Resources - Update on agreement with the Tamraz Group

Further to the November 2019 EGM, and subsequent Regulatory News Statements, the Directors of Petrel wish to update shareholders on the Tamraz Group shareholdings:

The 2nd tranche of 64,035,976 shares, which were due to be issued to Netoil, a part of the Tamraz Group, will be forfeited and cancelled due to non-payment of the subscription price. Accordingly, these shares will be cancelled from trading on AIM with effect from today.

The injunction against any trading of the remaining circa 32 million shares, originally issued to 3 members of the Tamraz Group, remains in place until all outstanding matters are resolved to the satisfaction of the High Court.  So far, the Tamraz Group has not recovered or replaced the circa 5.25 million shares pledged and sold in breach of the lock-in agreement.

John Teeling, Chairman, commented: "Despite lengthy and intensive discussions, the Tamraz Group would not or could not pay for the 64,035,976 new Petrel shares, as approved by Petrel shareholders at the EGM in November 2019, despite the subscription price of €0.0125 being substantially below the current share price.  Equally, the Tamraz Group was unwilling or unable to reacquire or replace the 5.25 million shares pledged and sold in breach of the lock-in agreement. Consequently, the High Court injunction continues to prohibit any disposal of the remaining 32 million shares which were pledged as part of the lock-in agreement."

"The Tamraz Group brought to Petrel potential resource projects in several countries. These were in the main early stage and possessed no actual title to any of the projects. Nevertheless, we hope to continue to work with the Group. While waiting for the Tamraz Group to pay for the new shares, the Directors of Petrel progressed the existing projects. This included high-level Ghanaian discussions, in relation to the Tano 2A concession offshore Ghana, in which Petrel holds a 30% interest.  Postponed meetings will be re-scheduled when the current COVID-related travel restrictions are lifted".

Our Iraqi Director, Riadh Ani, is coordinating discussions with the Ministry of Oil in Baghdad, to take advantage of the fresh opportunities thrown up by the turbulent oil price and political events of recent months. Petrel has maintained a presence in Iraq since 1999 and is well funded for current activities".

Following the cancellation of the ordinary shares as described above, there will be a total of 149,346,159 Ordinary Shares in issue with each share carrying the right of one vote.  The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

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