Picture 7 Picture 8 Central processing facility at night

PetroNeft Resources plc is an international oil and gas exploration and
production company, focused on Russia. The company’s shares are
listed on the London AIM and Dublin ESM Markets.

January 17, 2020

Operational update and Board Changes

Operational Highlights

·         Contract awarded and construction commenced on mini oil processing facility on Licence 61, completion due in 2020.

·         Operations commence on Licence 67 with construction of winter road linking the C-4 and C-3 wells to the road and contract awarded for work over rig for the C-4 well work over which will start in January.

Board Changes:

·         Maxim Korobov has elected to resign from the Board. Pavel Tetyakov, the Company’s Vice President of Business Development and Daria Shaftelskaya join the board with immediate effect.

January 8, 2020

Result of Extraordinary General Meeting

The board of PetroNeft is pleased to announce that all resolutions proposed to shareholders at the Company's extraordinary general meeting held in Dublin on 7 January 2020 were duly passed. The meeting was to approve the Placing announced on 12 December 2019 and the issue of 107,755,037 Placing Shares at a price of £0.015 each.

December 12, 2019

US$2.12 million Placing, Corporate Update and Director Appointment

Highlights:

  • Gross proceeds of US$2.12 million raised at £0.015 per share in a placing with institutional and other investors, a premium of approximately 58% 
  • Money raised will primarily be used to fund the 2020 capital investment program 
  • Significant commitment from directors, supporting 44% of the placing 
  • Petrogrand Loan which was scheduled to expire on 15th December 2019 has been extended for one year with a potential further year extension to 15th December 2021 if certain milestones are met. 
  • EGM to held in Dublin on 7th January to approve capital raise.