Petrel Resources Regulatory News (PET)

16 Oct 2007 08:30

Petrel Resources PLC16 October 2007 Petrel Resources PLC Petrel Resources, the company engaged in oil and gas exploration and developmentin Iraq, is pleased to announce that it has placed 3,068,044 new ordinary sharesof euros 0.0125 each at a price of £1.15 per share, conditional only onAdmission. In addition the company has agreed to issue and allot 60,000 newordinary shares to financial intermediaries who assisted in the placing. The Company has submitted an application for the 3,128,044 new ordinary sharesto 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 availablefollowing 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 witheffect from Thursday 18 October 2007. Enquiries: David Horgan, Managing Director +353 87 292 3500John 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