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, 2022
Finance Update
PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 90% owner and operator of Licence 67 and 50% owner and operator of Licence 61 provides the following financing update.
Petrogrand Loan facility
On 15th December 2021 that PetroNeft had met all contractual obligations, including the payment of $574,430 (representing 20% of the principal sum outstanding), and the payment of the associated interest for fiscal 2021. The reduced principal amount of $2.3 million, has enabled us to extend the facility by a further 12 months to 15th December 2022.
At the same time PetroNeft has been looking at all options to see if it would be in shareholders’ best interest to re finance the loan. After detailed negotiations with various parties we have decided that it is in the best interests of shareholders to continue with the facility as is. We will continue to explore financing alternatives, with a view to securing terms and conditions, which are in PetroNeft’s Shareholders best interests.
January 13, 2022
Operational and Finance Update
PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation; and 90% owner and operator of Licences 67 and 50% owner and operator of Licence 61 provides the following update.
Highlights
- Reservoir Stimulation program on the Lineynoye and Arbuzovskoye fields (Licence 61) expanded from five to seven wells.
- Drilling tender for Cheremshanskoye field drilling (Licence 67) of up to five new wells awarded to OJSC SSK (‘SSK’).
- Oil sales and forward finance contract for Cheremshanskoye production extended for an additional year.
January 7, 2022
Finance Update
PetroNeft (AIM: PTR) an oil and gas exploration and production company, operating in the Tomsk Oblast, Russian Federation and 90% owner and operator of Licence 67 and 50% owner and operator of Licence 61, is pleased to provide a financing update.
Convertible Loan facility
In June 2019, PetroNeft agreed a convertible loan facility of US$1.3 million with a group of five lenders with a revised Convertible loan maturity date of 31st December 2021. Throughout 2021, the group of five lenders at various times elected to convert 65% of their loan advance into Ordinary Equities of PetroNeft Resources plc. The Company is now pleased to announce that it has reached agreement with the five lenders to extend the term of the remaining loan balance of $0.455 million under the following terms:
- Extension to the Maturity date from 31st December 2021 to 31st December 2022.
- Interest rate to remain at 8% above LIBOR.
- The remaining loan balance may be converted fully at Stg0.06p per Ordinary Equity Share in PetroNeft, at any time up to the revised maturity date at the option of the loan holders.
