Petrel Resources PLC
16 October 2007
Petrel Resources PLC
Petrel Resources, the company engaged in oil and gas exploration and development
in Iraq, is pleased to announce that it has placed 3,068,044 new ordinary shares
of euros 0.0125 each at a price of £1.15 per share, conditional only on
Admission. In addition the company has agreed to issue and allot 60,000 new
ordinary shares to financial intermediaries who assisted in the placing.
The Company has submitted an application for the 3,128,044 new ordinary shares
to be admitted to AIM.
The net proceeds amounting to approximately £3.5million will be used to:
- To take advantage of selective opportunities when they come available
following the imminent passing of the Hydrocarbon Law; and
- To fund ongoing working capital on existing projects.
It is expected that dealings in the New Ordinary Shares will commence with
effect from Thursday 18 October 2007.
Enquiries:
David Horgan, Managing Director +353 87 292 3500
John Wakefield, Blue Oar Securities Plc +44 (0) 117 933 0020
This information is provided by RNS
The company news service from the London Stock Exchange