Petrel Resources : Update on Non-Receipt of Funds

RNS Number : 0651Z

Petrel Resources PLC

08 January 2020

8th January 2020

Petrel Resources plc

("Petrel" or "the Company")

Update on Non-Receipt of Funds

Further to the 21 November 2019 EGM, the directors of Petrel Resources plc wish to update shareholders that payment for the second tranche of shares to the "Tamraz group", expected by 6th January 2020, has not yet been received. The shares have been issued and allotted, but not yet delivered in the form of share certificates to the intended shareholders. These certificates are being retained by Petrel Resources plc until payment is received.

Separately, the directors believe from their recent analysis of the Register that circa 4 million shares may have been sold over recent days in a possible breach of a lock-in entered into by the Tamraz group over their existing holdings of shares previously subscribed as a condition of the second tranche.

Petrel Resources plc is urgently seeking an explanation of both matters from the Tamraz group and reminding the parties concerned of their lock-in obligations, and an early resolution in the best interests of shareholders. As soon as there is anything further to report, a further announcement will be made.

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:

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Enquiries:
Petrel Resources	[phone]
John Teeling, Chairman
David Horgan, Director
Nominated Adviser and Broker
Beaumont Cornish - Nominated Adviser	[phone]
Felicity Geidt
Roland Cornish
Novum Securities Limited - Broker
Colin Rowbury	[phone]
Blytheweigh - PR	[phone]
Megan Ray
Madeleine Gordon-Foxwell
Teneo	[phone]
Luke Hogg
Alan Tyrrell	[phone]

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