RNS Number:1794J
Petrel Resources PLC
25 March 2003


Petrel Resources announces that City Equities Limited subscribed to 2,500,000
ordinary shares in the company in a placing of new ordinary shares that was
completed on 24 March 2003 with the admission of those shares to trading on AIM.
This holding represented 4.92% of the enlarged issued share capital. The Company
was informed by City Equities Limited on 24 March 2003 that, on the same day, it
sold all of its holding to certain of its private customers to leave a nil
holding.


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