Source - LSE Regulatory
RNS Number : 4219Z
Petrel Resources PLC
15 December 2017
 

                                                                                      

 

                                                                                        

                                                                                         

 

 

                                                                                            

 

 

15th December 2017

 

Petrel Resources plc

("Petrel" or "the Company")

 

Settlement Agreement in respect of 2013 lock-in with Amira's advisers

 

 

Petrel has reached a settlement in respect of the disposal of 2.2 million Petrel shares by Amira Petroleum's advisers notwithstanding a lock-in agreement entered into on 19 August 2013.

 

On 14 August 2013, the Company announced that it had agreed to acquire from Amira Petroleum N.V. ("Amira Petroleum") a 20 per cent shareholding in Amira Hydrocarbons Wasit B.V. ("Amira"), the holder of a 25 per cent carried interest in certain oil and gas exploration and production licences in the Wasit Province of Iraq.

 

The consideration for the acquisition included the issue of 18,947,368 shares in Petrel (representing 19.82 per cent of the enlarged issued share capital of Petrel ("the Initial Consideration Shares"). The Initial Consideration Shares were agreed to be locked-in until the date of spudding the first conventional oil well in respect of Amira's interest in the Wasit province (the "Spudding Date") but that, if the Spudding Date had not occurred by 19 August 2018, Petrel could, amongst other things, elect to re-acquire the Initial Consideration Shares for a nominal amount. As part of the agreement with Amira Petroleum, 2.8 million of the Initial Consideration Shares were, at the direction of Amira Petroleum, issued to its advisers in satisfaction of fees payable by Amira Petroleum ("the Adviser Shares") and were subject to a lock in agreement as detailed above.

 

As of the date of this announcement, the Spudding Date has not occurred.

 

During December 2017, Petrel learnt that 2.2 million of the Adviser Shares had been sold between March and July 2017, notwithstanding the lock-in agreement.

 

The parties have reached a settlement and agreed that the vendors of the 2.2 million Adviser Shares shall make a payment of £100,000 to the Company (representing approximately 4.5p per Adviser Share sold).  The remaining Adviser Shares shall remain subject to the lock-in agreed in 2013.

 

This announcement contains inside information for the purposes of Article 7 of EU Market Abuse Regulation 596/2014.

 

ENDS

 

For further information please visit http://www.petrelresources.com/  or contact:

 

Petrel Resources


John Teeling, Chairman

+353 (0) 1 833 2833

David Horgan, Director




Nominated Adviser and Broker


Northland Capital Partners Limited


Edward Hutton / Gerry Beaney (Corporate Finance)

+44 (0) 20 3861 6625

John Howes




Public Relations


Blytheweigh

+44 (0) 207 138 3204

Nick Elwes

+44 (0) 783 185 1855

Camilla Horsfall

+44 (0) 787 184 1793



Teneo PSG


Luke Hogg

+353 (0) 1 661 4055

Alan Tyrrell

+353 (0) 1 661 4055

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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