PETREL RESOURCES PLC — Director's Dealing 2020

Jan 22, 2020

National Storage Mechanism | Additional information

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RNS Number : 6429A

Petrel Resources PLC

22 January 2020

Notification of Transactions by Persons Discharging Managerial Responsibilities and Persons Closely Associated with them

[This form is required for disclosure of transactions under Article 19 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation)]

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Michel Fayad

2

Reason for the notification

a)

Position/status

Non-Executive Director

b)

Initial Notification Amendment

Amendment notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

PETREL RESOURCES PLC

b)

LEI

213800WAVVOPS85N2205

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial  instrument,

type  of

instrument

Identification code

Ordinary Shares of 1.25 cent each

ISIN: IE0001340177

b)

Nature of the transaction  

Disposal of Shares

c)

Price(s) and volume(s)

Price(s)	Volume(s)
Nil	14,934,615

d)

Aggregated information

- Aggregated volume

- Price

14,934,615 Ordinary Shares

Nil

e)

Date of the transaction

23rd December 2019

f)

Place of the transaction

Outside a trading venue

g)

Additional Information

Michel Fayad is making this disclosure, however, the nature of this transaction is subject to a dispute between himself and the counter party who he understands to be a Delaware company EYCP LLC.  Mr Fayad when the authorised the transfer of the above shares he believed that he was not making a disclosable transaction as it did not fall within Article 19(7)(a) of the Market Abuse Regulation as he was transferring the relevant shares into custody without it being designated to secure a specific credit facility.   Mr Fayad understands that EYCP dispute this and claim that upon transfer the shares were designated to secure a particular facility despite no funds being advanced under that facility to Mr Fayad or any others."

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