News

PetroNeft announces the following board changes:

• Anthony Sacca and Eskil Jersing have submitted their notices to resign as Independent Non-Executive Directors of the board effective as of 4 January.

• Michael Power FCA appointed to the Board as Non-Executive Director as of 4 January.

PetroNeft provides the following update on the Company’s position:

Highlights

• Awaiting final sanction from the authorities in Russia for the disposal of the Company’s Russian assets.

•  The Company has been unable to appoint an auditor for the 2022 audit which will result in trading of the Company’s shares on the AIM and EuroNext Growth markets being cancelled on the 31^st of December 2023.

Dublin 12 October 2023: PetroNeft Resources PLC ("PetroNeft " or the "Company") announces that at the extraordinary general meeting of the Company held today, 12 October 2023 ("EGM"), the resolution to approve the proposed disposal of PetroNeft's Russian business and assets were duly passed.

Extraordinary General Meeting Call on Thursday, 12 October at 11.000 am.

Dublin, Ireland – PetroNeft Resources PLC – an international oil and gas exploration and production company focused in Russia, announced on 15 September last that it will hold an Extraordinary General Meeting on October 12^th at 11.00am.

The EGM will be held at the Clayton Hotel, Merrion Road, Ballsbridge, Dublin 4, DO4 P3C3 

Notice of the Extraordinary General Meeting can be obtained by copying and pasting the following link into your web browser.

http://petroneft.com/investor-relations/investor-notices/

Voting procedures are explained in pages 19 and 20 of the notice of the Extraordinary General Meeting where shareholders can obtain more information on the procedures for voting.

The Extraordinary General Meeting conference will be a webcast event and can be accessed by copying and pasting the following link into your web browser.

 https://globalmeet.webcasts.com/starthere.jsp?ei=1637130&tp_key=17bbb7faf4

Shareholders can attend the presentation from their laptop, tablet, or mobile device. Audio will stream through your selected device, so be sure to have headphones or your volume turned up. With Click to Join, there’s no need to dial-in. Simply click the link provided above and enter your information to be connected. The link becomes active 15 minutes prior to the scheduled start time.

If you have technical difficulties, please click the “Listen by Phone” button on the webcast player and dial the number provided.

A full replay of the presentation will be available at the same link shortly after the conclusion of the live presentation. The webcast will be available on our website, www.petroneft.com , until October 11, 2024 

We recommend Shareholders attend the presentation by clicking on the webcast URL above, it is not necessary to dial into the audio presentation. Alternatively, you click to dial in by using the following link.

https://events.globalmeet.com/Public/ClickToJoin/ZW5jPThVem03UGRLMURHVkpGcEtGbkppVzlzaHl1NW5jVGVodEt...

Proposed Disposal of PetroNeft’s Russian Business and Assets

PetroNeft Resources plc (AIM: PTR.L, ISE: PTR) has today published a notice of an Extraordinary General Meeting ("EGM") where a resolution will be put before shareholders to approve the proposed disposal of PetroNeft’s Russian business and assets “Proposed Disposal”.

PetroNeft announces that loan settlement agreements have been concluded with the remaining debt finance holders as reported below.

PetroNeft announces that a loan settlement agreement has been executed with Petrogrand AB (“Petrogrand”) regarding an outstanding loan.

Further to our previous announcement on 14 June 2023, PetroNeft announces that it has entered a non-binding conditional Heads of Terms (the "HoT") with Pavel Tetyakov (CEO and Executive Director of the Company) to sell its entire interests in WorldAce Investments Limited (“WAIL”) and OOO Granite Construction (“Granite Construction”) for a nominal consideration of RUR10,000 (approximately USD110 based on current exchange rates).   The HoT is in addition to the Heads of Terms that have been signed in respect of the disposal of the Company’s entire interest in Lineynoye LLC ("Lineynoye") which was announced on 14 June 2023

Further to an announcement on 14 June 2023, PetroNeft reiterates that the Company will not be able to publish its audited annual report and accounts for the year ended 31 December 2022 (the "Accounts") by close of business today, 30 June 2023, as required by the AIM Rules and Euronext Growth Rules (collectively “the Rules”). The Company continues to try to source an auditor which remains challenging due to the Company owning and managing assets within the Russian Federation in the current environment.

Dealings in the Company's ordinary shares will therefore be suspended from 7.30 a.m. on Monday 3 July 2023 until such time as the Accounts have been duly published.  Should the Accounts not be published by 31 December 2023, the Company’s admission to AIM and Euronext Growth will be cancelled.

Notwithstanding the suspension of trading in the Ordinary Shares, the Company will continue to make announcements as and when there are any developments that require announcement under the Rules.

PetroNeft announces that it has entered into a non-binding conditional Heads of Terms (the "HoT") to sell its entire interest in Lineynoye LLC (“Lineynoye”), the subsidiary through which the Company holds its interest in Licence 67, to Pavel Tetyakov (CEO of PetroNeft) for a consideration of Rub 210million (US$2.56m at current exchange rates) plus the assumption of debt (the “Proposed Disposal”).

Further to the announcement on 10^th May regarding the voluntarily filing for bankruptcy administration in respect of Stimul-T LLC, PetroNeft (AIM: PTR) provides the following operational updates.

Licence 67 operations

The C-4 well at the Cheremshanskoye field in Licence 67 continues to produce without any material decline at rates of +/- 270 bopd. The well has produced in total almost 220,000 barrels of oil since being placed into production.

Strategic Asset Review

The sales process  in respect of both Licences L61 and L67 is on-going with the Company being in active discussions with all stakeholders including potential acquirers. The bankruptcy filing of Stimul-T (owner and operator of Licence 61), as required under the Bankruptcy laws of the Russian Federation, clearly represents additional challenges for the Company during such a process.

The Company continues to be in negotiations with Petrogrand AB ("Petrogrand") and the holders of the 2019 Convertible Loans.  The Company cannot predict the outcome of these negotiations and the Company will make further announcements in due course.

Audit Status

To date, the Company has been unable to source an auditor in respect of the Company's financial statements for the financial year ended 31^st   December 2022. Whilst the Company will continue to source an auditor, it is becoming clear that the Company will not be able to submit audited accounts for 2022 by the required deadline of the 30^{th of} June 2023 under the under the rules of AIM and Euronext Growth. This is a rather unfortunate consequence of owning and managing assets within the Russian Federation in the current environment. The likely consequence of not publishing audited accounts by 30^th June 2023 is that the Company’s ordinary shares will be suspended from trading until such time as the situation can be resolved. 

PetroNeft (AIM: PTR) provides the following update.

·         Stimul-T LLC, operator of Licence 61, voluntarily files for bankruptcy administration in Russia 

·         PetroNeft issues Demand Notice to WorldAce Investments Ltd for outstanding Corporate Management Service charges of $0.98M.

Further to the announcement by the Company on 25^th November 2022 of the start of a strategic asset review, PetroNeft now announces that the Company has received an expression of interest from Pavel Tetyakov (CEO of PetroNeft), that may or may not lead to an offer being made to acquire the Company’s Russian assets.

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.

Dublin - 30 December 2022: PetroNeft Resourced PLC ("PetroNeft Resources " or the "Company") an international oil and gas exploration and production company focused in Russia, is pleased to announce that all Resolutions were duly passed without amendment at the Company's AGM held at 10.00 am on, 29 December 2022. 

All resolutions as set out in the Notice of AGM were voted on by way of a poll and the results were as follows:

		In Favour (Including discretionary)				Against			Vote Total as % of Issued Share Capital	Withheld*
Resolution		Votes		%		Votes		%	%	Votes
1		377,852,478		100.00		0		0.00	35.25	0
2		377,813,653		99.99		38,825		0.01	35.25	0
3		377,813,653		99.99		38,825		0.01	35.25	0
4	377,819,478		100.00		0		0.00		35.25	33,000
5	377,819,478		100.00		0		0.00		35.25	33,000
6	377,811,478		99.99		41,000		0.01		35.25	0

*A vote withheld is not a vote in law and is therefore not counted towards the proportion of votes "in favour" or "against" the Resolution.

The full wording of the resolutions can be found by clicking on the following link:

http://petroneft.com/upload/iblock/0b4/0b47588716d2362ccabe490ec59762a0.pdf

A full replay of the AGM presentation can be found by clicking on the following link. The replay will be available for your perusal up until 28 December 2023.

https://globalmeet.webcasts.com/starthere.jsp?ei=1589994&tp_key=4c6d4d5ef6

Annual General Meeting Call on Thursday, December 29^th at 10.000 am

Dublin, Ireland – PetroNeft Resources PLC – . an international oil and gas exploration and production company focused in Russia, announced on December 8^th last that it will hold its   Annual General Meeting on Thursday, December 29 at 10.00am at the Clayton Hotel, Merrion Road, Ballsbridge, Dublin 4, D04 P3C3, Ireland.

Notice of the Annual General Meeting can be obtained by copying and pasting the following link into your web browser.

http://petroneft.com/upload/iblock/0b4/0b47588716d2362ccabe490ec59762a0.pdf

 Voting procedures are explained on pages 5 and 6 of the notice of the Annual General Meeting where shareholders can obtain more information on the procedures for voting by completion of an electronic proxy appointment.

 This year’s Annual General Meeting conference will be a hybrid type event in which shareholders can attend in person or by logging on to the webcast event which can be accessed by clicking on the following Audience event link at

https://globalmeet.webcasts.com/starthere.jsp?ei=1589994&tp_key=4c6d4d5ef6

Click on the link above to attend the presentation from your laptop, tablet, or mobile device. Audio will stream through your selected device, so be sure to have headphones or your volume turned up. If you have technical difficulties, please click the “Listen by Phone” button on the webcast player and dial the number for your location as provided below. A full replay of the presentation will be available at the same link shortly after conclusion of the AGM, and thereafter will be uploaded on to our website and remain until 29^th December 2023.

We recommend Shareholders view the presentation by clicking on the webcast URL above, it is not necessary to dial into the audio presentation, unless you are unable to join the webcast URL. In that circumstance you can dial in to listen to the presentation using your local number below and provide the Confirmation Code 8519083 to the operator when asked.

If you wish to ask a question, you may type your question using our webcast facilities or alternatively you must dial in using your local number below and provide the Confirmation Code 8519083 to the operator when asked.

 

Location	Purpose	Phone Type	Phone Number
Australia	Participant	Tollfree/Freephone	1 800 573 793
Australia, Sydney	Participant	Local	+61 (0)2 7250 5436
Austria	Participant	Tollfree/Freephone	0800 010 005
Belgium, Brussels	Participant	Local	+32 (0)2 404 0659
Canada, Toronto	Participant	Local	+1 647 484 0478
China	Participant	National	400 613 7997
Czech Republic	Participant	Tollfree/Freephone	800 143 356
Denmark	Participant	Tollfree/Freephone	80 70 16 25
Finland	Participant	Tollfree/Freephone	0800 915 076
Finland, Helsinki	Participant	Local	+358 (0)9 7479 0361
France	Participant	Tollfree/Freephone	0805 101 219
France, Paris	Participant	Local	+33 (0)1 76 77 22 74
Location	Purpose	Phone Type	Phone Number
Germany	Participant	Tollfree/Freephone	0800 589 4609
Germany, Frankfurt	Participant	Local	+49 (0)69 2222 13420
Germany, Munich	Participant	Local	+49 (0)89 20303 5709
Greece	Participant	Tollfree/Freephone	00800 128 518
Hong Kong	Participant	Tollfree/Freephone	800 938 765
Hong Kong, Hong Kong	Participant	Local	+852 5803 0795
Hungary	Participant	Tollfree/Freephone	068 001 9218
India, Delhi	Participant	Local	+91 (0)11 7181 6876
India, Mumbai	Participant	Local	+91 022 5097 2802
Ireland	Participant	Tollfree/Freephone	1800 849 087
Ireland, Dublin	Participant	Local	+353 (0)1 246 5638
Israel	Participant	Tollfree/Freephone	1809 212 883
Israel, Tel Aviv	Participant	Local	+972 3721 9315
Italy	Participant	Tollfree/Freephone	800 977 396
Italy, Milan	Participant	Local	+39 0282 944 129
Japan	Participant	Tollfree/Freephone	0120 933 574
Japan, Tokyo	Participant	Local	+81 (0)3 6868 0781
Korea, Republic of	Participant	Tollfree/Freephone	080 880 0224
Korea, Republic of, Seoul	Participant	Local	+82 (0)2 3483 5431
Luxembourg	Participant	Tollfree/Freephone	800 24405
Malaysia	Participant	Tollfree/Freephone	1800 813 411
Malaysia, Kuala Lumpur	Participant	Local	+60 (0)3 7724 0453
Mexico	Participant	Tollfree/Freephone	1800 872 0478
Mexico, Mexico City	Participant	Local	+52 55 7100 0137
Netherlands	Participant	Tollfree/Freephone	0800 023 1436
Netherlands, Amsterdam	Participant	Local	+31 (0)20 703 8210
New Zealand	Participant	Tollfree/Freephone	0800 423 970
New Zealand, Auckland	Participant	Local	+64 (0) 9 9133 622
Poland	Participant	Tollfree/Freephone	00 800 121 4059
Portugal	Participant	Tollfree/Freephone	800 812 274
Qatar	Participant	Tollfree/Freephone	00 800 100 443
Saudi Arabia	Participant	Tollfree/Freephone	800 844 8805
Singapore	Participant	Tollfree/Freephone	800 120 7298
Slovakia	Participant	Tollfree/Freephone	0800 002 286
South Africa	Participant	Tollfree/Freephone	0800 780 005
Spain	Participant	Tollfree/Freephone	800 600 848
Spain, Madrid	Participant	Local	+34 91 114 7293
Sweden	Participant	Tollfree/Freephone	0200 880 389
Sweden, Stockholm	Participant	Local	+46 (0)8 5033 6574
Switzerland	Participant	Tollfree/Freephone	0800 200 831
Switzerland, Zurich	Participant	Local	+41 (0)44 580 7206
Taiwan	Participant	Tollfree/Freephone	0800 868 298
Taiwan, Taipei	Participant	Local	+886 (0)2 8793 3223
Location	Purpose	Phone Type	Phone Number
Thailand	Participant	Tollfree/Freephone	1800 014 189
Turkey	Participant	Local	+90 850 390 7583
Turkey	Participant	Tollfree/Freephone	00800 4488 29054
United Arab Emirates	Participant	Tollfree/Freephone	8000 3570 2653
United Kingdom	Participant	Tollfree/Freephone	0800 279 0425
United Kingdom, Local	Participant	Local	+44 (0)330 165 4027
United States, Los Angeles	Participant	Local	+1 323-794-2423
United States/Canada	Participant	Tollfree/Freephone	800-289-0438

 

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

The Company continues to be in negotiations with Petrogrand AB (“Petrogrand”) regarding its loan facility, with a current redemption value of US$2.48 million and which matured on Thursday 15 December 2022. We cannot predict the outcome of these negotiations and the Company will make further announcements in due course.

Moreover, the directors of the Company continue to review strategic options available to PetroNeft and are considering all viable options within the context of the current geopolitical environment to maximise value for shareholders.

PetroNeft confirms that the Notice of the Company’s 2022 Annual General Meeting (AGM) has been posted to Shareholders today. The 2022 AGM will be held on 29 December 2022 at 10:00am in the Clayton Hotel, Merrion Road, Ballsbridge, Dublin 4, D04 P3C3. The Notice is now available online at the Company's website http://petroneft.com/investor-relations/investor-notices/