History and Business Strategy
PetroNeft LLC was set up in 2003 and in May 2005, PetroNeft LLC acquired the entire participatory interest in a Russian company, Stimul-T, which had acquired a 100 per cent interest in Licence 61 following a competitive auction process in the November 2004 Tomsk Licence Auction. PetroNeft Resources plc was incorporated on 15 September 2005 and, as part of a corporate reorganization, acquired the principal assets and liabilities of PetroNeft LLC in November 2005. PetroNeft Resources plc was admitted to the London AIM and Dublin ESM Markets, in September 2006.
In 2010 PetroNeft acquired Licence 67, also in the Tomsk region initially holding a 50% operating interest with Arawak Energy holding the remaining 50% non-operating interest.
In 2014 PetroNeft completed the farm out of 50% of Licence 61 to Oil India Limited. PetroNeft remains the operator of the licence with a 50% interest.
In 2021 the company completed the acquisition of an additional 40% interest in Licence 67 from Belgrave Naftogas (formerly Arawak Energy) increasing PetroNefts interest in the licence from 50% to 90% with the remaining 10% being held by Begrave Naftogas.
The Company's strategy is to deliver shareholder value through the successful development of its portfolio of assets using the combined skills, experience and resources of the Company's Directors, and employees. This is to be achieved through the growth in production, cash flow and reserves at both licences.
In addition to delivering value from its operations on Licences 61 and 67, the company continues to evaluate new projects for potential acquisition. While the main focus for new acquisitions will be the Western Siberian Basin, the company will also consider projects in other areas within the Russian Federation.
