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 10, 2019
New Chief Executive Officer
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 announce the selection and appointment of a new Chief Executive Officer (“CEO”).
Mr. David Sturt, who has been a Non-Executive Director of the Company since 2016 will become CEO with effect from 25 March 2019. In the meantime, Karl Johnson, VP of Operations, will continue as Interim CEO.
January 2, 2019
Financing Update
Loan facility
In January 2018 PetroNeft agreed a loan facility for up to US$2 million with Swedish company Petrogrand AB (“Petrogrand”) secured on the assets of PetroNeft. The loan facility was fully drawn down and was used to finance the drilling of the successful C-4 well in 2018 and for general corporate purposes. The loan matured on 31 December 2018, however discussions are ongoing to agree an extension and an increase to the facility. We will update shareholders in due course.
November 20, 2018
Retirement of Dennis Francis
Dennis Francis, Chief Executive Officer (“CEO”) and a founder of the Company, has informed the Board that he has elected to retire as CEO following his recent 70th birthday. Mr Francis will remain as a Non-Executive Director in the Company and has agreed to assist the Company on a consulting basis as required to ensure a smooth transition for his replacement and to assist in examining options to maximise shareholder value including the potential disposal of Licences 61 and 67.
The Board has initiated a search for a new CEO to succeed Mr Francis and has asked Karl Johnson, VP of Operations, to assume the position of interim CEO with immediate effect.
