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.
April 24, 2014
Licence 61 Farmout EGM - Publication of Circular
Further to the announcement of 17 April 2014 in connection with the farmout of a 50 per cent. non-operating interest in Licence 61 to Oil India Limited, a Circular to convene an EGM to approve the Licence 61 Farmout (the “Licence 61 Farmout EGM”) has been posted to Shareholders. It will be held at 10.30 am on 9 May 2014 at the Herbert Park Hotel, Ballsbridge, Dublin 4, Ireland
April 17, 2014
Licence 61 Farmout Agreement with Oil India Limited
Highlights
· Total investment by OIL of up to US$ 85 million consisting of:
· US$ 35 million upfront cash payment
· US$ 45 million of exploration and development expenditure on Licence 61
· US$ 5 million performance bonus
· PetroNeft to remain operator of Licence 61
· Subject to regulatory and shareholder approvals with completion expected around end-May 2014
Up to six well drilling campaign to start on completion of farmoutApril 15, 2014
Licence 61 Farmout Update
All legal documentation and due diligence is now complete and the Company expects to execute binding legal agreements within the next week. Macquarie Bank Limited have been advised of this timetable. Shareholders will be updated fully once the agreements are signed.
