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.
October 30, 2019
Operational update on Licence 67 forward plans
Highlights
- Plan to bring Cheremshanskoye field in Licence 67 into production during Q1 2020.
- Exploring options to work over and re-test two wells in the Ledovoye field, also in Licence 67, during 2020.
September 30, 2019
H1 2019 Results
PetroNeft (AIM: PTR) an oil & gas exploration and production company operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67 is pleased to report its results for the 6 months ended 30 June 2019.
Highlights
- Gross production from Licence 61 in H1 2019 was 1,755bopd (877.5bopd net to Petroneft)
- Achieved approval from GKZ (Russian State Reserves Board) for 19.26mmbbls of C1 + C2 reserves as a result of the drilling of the C-4 well on the Cheremshanskoye field in 2018. This is a key milestone as it enables the company to start looking at development options for the field.
June 25, 2019
Financing Update
Loan facility
PetroNeft has entered into a convertible loan facility of US$1.3 million with a group of five lenders. The convertible loan matures on 31st December 2020 or on the sale of either Licence 61 or Licence 67. The loan facility will be used for general corporate and ongoing operational purposes and carries an interest rate of 8% above USD LIBOR. Lenders can elect at any time to convert up to 65% of the outstanding loan to shares at a conversion price of US$0.01547 (1.547 cent).
