Petrel Resources PLC Settlement Agreement (4219Z)
December 15 2017 - 1:00AM
UK Regulatory
TIDMPET
RNS Number : 4219Z
Petrel Resources PLC
15 December 2017
15(th) 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
GBP100,000 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
END
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