Petrel Resources has appointed the first of two new non-executive directors to its board, with Michel Fayad joining the board immediately.
Mr Fayad is also currently a director of several other companies including Netoil Inc, Boost Incorporated and Eiffel Firm Sarl.
The company also said it would appoint Roger Tamraz as a director after Petrel undertakes its first major oil and gas transaction in the Middle East & North Africa.
Both new directors now hold 10 per cent of the issued share capital of Petrel, following the company’s strategic placing of almost 30 per cent of the enlarged issued share capital among a new investor 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. Too few premier funding institutions supported projects in conflict zones. We need access to bigger projects and deeper capital sources," said Petrel director David Horgan.
"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."
