REMINDER!!!26 Nov 2019 13:49
Petrel Resources appoints Michel Fayad as director as it focusses on Iraq following strategic investment
Fayad was among the group of Middle Eastern investors that recently took up 29.99% of the company via a share placing, he holds 10% of the AIM-quoted company.
The new director brings “a flow of high potential projects” according to David Horgan.
Petrel Resources Plc (LON:PET) has appointed Michel Fayad as a new non-executive director, with immediate effect, following a recent strategic funding.
The company, in a stock market statement, also revealed that it intends to appoint Roger Tamraz as a director in the future, when it undertakes its first major oil & gas transaction in the Middle East & North Africa.
Fayad and Tamaz each presently hold 10% equity stakes in the company following the investments, which saw some 29.99% of the company’s enlarged share capital taken up by a group of leading Middle Eastern oil & gas investors.
"Petrel's modest size has long constrained our growth in a Middle East & North Africa (MENA) region bursting with opportunity,” said Petrel director David Horgan.
“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.”
Horgan added that Fayad brings to the company a ‘strong rolodex’ and “a flow of high potential projects.”
Earlier this week, Petrel’s interim results statement highlighted that the equity funding strengthens its balance sheet as it works to re-qualify to operate in Iraq and that the net proceeds would be used to help develop assets in the country.
Emphasizing the opportunity, the Petrel director further stated: "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."
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