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Placing to Raise £250,000 & Update on Operations
Placing to Raise £250,000 & Update on Operations.
About this update from Petrel Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 8308N\n Petrel Resources PLC\n 26 May 2020\n \n \n \n \n \n \n \n \n \n \n \n May 26, 2020 \n \n \n \n \n \n Petrel Resources plc\n \n \n (\"Petrel\" or \"the Company\")\n \n \n \n \n \n Placing to Raise £250,000\n \n \n \n \n \n Update on Iraqi Operations\n \n \n \n \n \n Petrel Resources Plc (Lon: PET) is pleased to announce that the company has arranged a placing with ETX Capital to raise £250,000 (before expenses) via the issue of 7,692,308 new ordinary shares (the \"Placing Shares\") at a placing price of 3.25p per Placing Share.\n \n \n \n \n \n \n \n \n Use of Funds\n \n \n \n \n \n Subject to the appointment of responsible officials by the new Iraqi Government, and the lifting of Covid-19 restrictions, Petrel expects to enter into re-qualification discussions with the appropriate decision-makers at the Ministry of Oil. Discussions may cover Petrel's\n past studies on the Merjan-Kifl-West Kifl area, and the Mesozoic and Paleozoic potential of the Western Desert.\n \n \n \n \n \n Pending, such discussions, this investment will strengthen the company's Balance Sheet. \n \n \n \n \n \n David Horgan, Director, commented: \n \n \n \n \n \n \"Petrel is fortunate to have maintained strong relationships with Ministry of Oil officials, even during the darkest hours of sanctions, invasion, conflict, and Covid-19. Our Iraqi Director, Riadh, is a son of the renowned \"driller\", Mahmoud Ahmed. In Iraq we found World-class geology.\"\n \n \n \n \n \n \"Prevailing circumstances obliged Petrel temporarily to dis-engage from on-the-ground operations in 2010. We saw too many challenges - both governance, political and financial - to justify risking Shareholders' funds given the then-limited upside available.\"\n \n \n \n \n \n \"Recent events are transforming this situation. A three-way rivalry among Saudi Arabia, Russia and American producers - aggravated by an unprecedented demand-hit caused by Covid-19 - crashed the oil price. This cripples high cost operations offshore,...