Petrel Resources : Interim update on Share Lock-In

RNS Number : 6579Z

Petrel Resources PLC

14 January 2020

14th January, 2020

Petrel Resources plc

("Petrel" or "the Company")

Interim update on Share Lock-In

Further to our RNS of 8th January, and the November 2019 EGM, the directors of Petrel Resources plc wish to update shareholders on issues arising:

Between 17 December and 23 December 2019 the "Tamraz group" transferred 37,336,538 ordinary shares of Euro 0.0125, in the capital of Petrel Resources plc, into the custody of Deutsche Bank Switzerland (Deutsche Bank Shares) held in Chase Nominees Limited, pursuant to certain agreements between the "Tamraz group" (comprising Messrs: Roger Tamraz, Michael Fayad and Said Mehraik) and a 3rd party (EYCP LLC) details of which agreements have been requested but have not yet been made available to the Company. These shares were and remain the subject of a lock-in agreement executed by the "Tamraz group" ("Lock-in).

As of 13th January 2020, no relevant TR1 and or other MAR notifications have been received by the Company, but the electronic register suggests that 5.25 million of the Deutsche Bank Shares have been traded.

The Company's lawyers have reminded the "Tamraz group" of their obligations pursuant to the Lock-in and share notification requirements and have been informed that the "Tamraz group's" US and English lawyers are currently investigating, as a matter of urgency, how these transfers/sales were possible.

The board of Petrel will review the outstanding issues (including the outstanding second tranche placing monies, referred to on8 January 2020) and make a further announcement as soon as this information is available.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014. The person who arranged for the release of this announcement on behalf of the Company was Jim Finn, Secretary.

A copy of this announcement is available on the Company's website, at http://www.petrelresources.com/or contact:

END

Page 1 of 2

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.comor visit www.rns.com.

END

FURUORBRRSUAAAR

Page 2 of 2