08:00 Fri 03 Apr 2020
Petrel Resources PLC - Update on agreement with the Tamraz Group
("Petrel" or "the Company")
Update on agreement with the
Further to the
It has not been possible to proceed with the finalisation of a second tranche of 64,035,976 shares due to the changed circumstances, taking into account the state of markets generally in the light of COVID-19, as well as oil price volatility.
The Board continues to review Michel Fayad's position on the Board, and will make a further announcement in respect thereof in due course.
Separately, Petrel wishes to update shareholders on the Company's projects in Ghana and Ireland:
Ghana:
We are ready to initiate the Tano 2A work programme (as previously referred to in the Company's announcements), as soon as the signed Petroleum Agreement is ratified, and subject to securing the necessary funding.
Despite lower oil prices, in the Board's view, the Tano (and Cretaceous oil play generally in West Africa) remains an industry favourite.
Recent high-level official meetings have been productive. The Company understands that the new shareholders have helped the Tano 2A
Petrel also notes the passing of insolvency legislation that may assist in the recovery of all of the original Tano 2A coordinates. There now appears to be a legal structure enabling the authorities to recover 529km2 of the original acreage Tano 2A acreage over which Petrel holds, with partners, a Petroleum Agreement, and which is now awaiting ratification.
Irish Atlantic:
Petrel continues as a 10% working interest partner with Woodside in Frontier Exploration Licence (FEL) 11/18, in the
Due to legislative uncertainty since 2017, exacerbated by the Taoiseach's public statements in
Similarly, the board decided not to apply to convert our prospective Licensing Option (LO) 16/24 into a Frontier Exploration Licence.
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 |
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John Teeling, Chairman |
+353 (0) 1 833 2833 |
David Horgan, Director |
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Nominated Adviser and Broker |
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Beaumont Cornish - Nominated Adviser Roland Cornish
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+44 (0) 20 399 9400
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Blytheweigh - PR
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+44 (0) 207 138 3206 +44 (0) 207 138 3553 +44 (0) 207 138 3208
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Teneo Luke Hogg Alan Tyrrell Thomas Shortall |
+353 (0) 1 661 4055 +353 (0) 1 661 4055 +353 (0) 1 661 4055 |
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