Petrel Resources plc is pleased to announce the appointment of Mr. Michel Fayad as the first of two new non-executive directors, with immediate effect.
In addition, the Board of Petrel intends to appoint Mr. Roger Tamraz as a director at the time when the company undertakes its first major oil & gas transaction in the Middle East & North Africa (MENA).
These appointments follow a strategic placing of 29.99% of the enlarged issued share capital among a new investor group of leading Middle Eastern Oil & Gas investors. Michel Fayad and Roger Tamraz each now hold 10% of the issued share capital of Petrel.
Following this appointment, Arman Kayablian has agreed to step down as a director with immediate effect.
Director, David Horgan commented:
“Petrel’s modest size has long constrained our growth in a Middle East & North Africa (MENA) region bursting with opportunity. Too few premier funding institutions supported projects in conflict zones. We need access to bigger projects and deeper capital sources.”
“These director appointments may transform Petrel’s fortunes. Michel Fayad brings a strong “Rolodex”, a flow of high potential projects, as well as significant financial, including hydrocarbon, experience in the MENA region particularly.”
“Petrel has 20 years of operating experience in Iraq and neighbouring countries. But past agility has not always been enough. The availability of substantial new backers can now boost Petrel’s standing, and therefore the scope of projects that we can tackle. The MENA region has never offered more opportunity.”
Michel Fayad, aged 36, is currently director of the following:
– Netoil Inc Ltd
– Netoil Iraq Inc Ltd
– Netoil Ajeel Inc Ltd
– Boost Incorporated
– Eiffel Firm Sarl
There is no further information to be disclosed on Mr Fayad under Schedule Two, (g) (i)-(viii) of the AIM Rules.
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
For further information please visit http://www.petrelresources.com/
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