Petrel Resources band Tamraz-led investors still intend to revive the company.

Petroleum poker: loan blame game, CIA-linked investor and sun-drenched oil fields hold Petrel deal together

The stake of Petrel Resources’ largest shareholders remains frozen by a court order, but the company and its new investors have agreed to put the dispute down to an alleged fraudulent loan default triggered by a US lender – and plough ahead.

28th Jan, 2020 -10 min read

Thomas Hubert

Senior Correspondent

Last Thursday evening, Michel Fayad, a strikingly tall 36-year-old, and Said Mehraik, nearly twice his age and half his height, boarded a flight from Paris to Dublin. The two Lebanese-born French businessmen were getting ready to appear before the High Court in a case that has pitted them against Petrel Resources Plc, the oil and gas exploration firm based in Dublin’s Clontarf they agreed to take over last November. 

The two men are the founders of the Hungarian-registered company Netoil Inc Ltd and part of a group of investors led by Lebanese-American businessman Roger Edward Tamraz. They have been ramping up their stake in AIM-listed Petrel since...

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