Irish oil and gas explorer Petrel Resources is looking for new projects and investors after a series of “clearing decks” with ex-shareholders.
Hairdresser John Teeling told that Irish Independent that the two-year dispute with a trio of investors known as the Tamraz Group was “directly or indirectly at fault.”
Petrel announced yesterday that the High Court has lifted an injunction blocking the sale of 32 million shares in the company.
The shares have now been purchased by Mr. Teeling and his Chief Financial Officer (CFO), James (Jim) Finn, increasing their respective holdings to approximately 17 percent and 8 percent.
London-listed Petrel sought an injunction in 2020 to block the alleged unlawful sale of some shares acquired by the Tamraz Group – French investors Roger Tamraz, Michel Fayad and Said Mehraik – and blocked for a period after the investment.
Mr Teeling and his CFO paid £300,000 (€363,000) to buy the shares from recent owners, EYCP LLC and SRT Capital SPC, who lent Tamraz Group the money to buy 29 per cent of Petrel in 2019. Tamraz had expressed interest at the time in increasing its stake to 51pc.
The Tamraz Group said in a 2020 letter to Petrel that it had “at no point” directed EYCP to sell shares on its behalf and understood that they were held by EYCP as security for the loan.
Mr Teeling said he “to date has never found out” why the share-pooling agreement was breached.
“In a way, stocks have now gone to a good home. Will we be there until we’re 106? I do not know. Jim and I have now spent £300,000 to buy back the shares so we have an even greater interest in finding someone [to invest in] the Company.”
Petrel Resources, originally known as Kish when it was incorporated in 1982, has interests in Ireland, Iraq and Ghana.
It made an operating loss of 451 million euros in 2020 and a loss of 162 million euros in the six months to June 2021, according to its latest interim results.
Mr Teeling said the firm would try to revive oil exploration in Iraq but was facing “difficulties” as no government was formed after the elections.
His interests in Ghana have not been active in recent years and were to be advanced by the Tamraz group.
He said Russia’s invasion of Ukraine would make oil and gas exploration in the Middle East, Caucasus and Central Asia more lucrative.
“There are few places you can really go right now. Long-term shifts in Russia’s dominance will undoubtedly occur, especially in gas. Their oil isn’t huge, but their gas is absolutely dominant in Europe,” he said.
He called Ireland’s energy policy “absolute insanity” and said the government should have allowed more offshore exploration.
“With the current and expected prices and the loss of Eastern European resources, it should have been looked at,” he said.
He said Petrel would consider looking at Irish opportunities again.
“Of course you would because those opportunities are there and you would like to have them. You need a partner,” he said.
https://www.independent.ie/business/irish/teeling-eyes-new-projects-after-petrel-breakthrough-41555265.html Teeling sees new projects following Petrel’s breakthrough