News


May 11, 2023

Company Update

Further to the announcement on 10th 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 31st   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 30th 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 30th June 2023 is that the Company’s ordinary shares will be suspended from trading until such time as the situation can be resolved. 


May 10, 2023

Company Update

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.

February 10, 2023

Company Update

Further to the announcement by the Company on 25th 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.

February 1, 2023

Company 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.

December 30, 2022

PetroNeft Resources PLC 2022 AGM Voting Result

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

December 22, 2022

NOTICE OF WEBCAST AND DIAL IN DETAILS FOR ANNUAL GENERAL MEETING

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

Dublin, Ireland – PetroNeft Resources PLC – . an international oil and gas exploration and production company focused in Russia, announced on December 8th 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 29th 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

 

December 16, 2022

Debt Financing 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

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.

December 8, 2022

Notice of AGM posting

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/

November 25, 2022

Company Update

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, 90% owner and operator of Licence 67 and 50% owner and operator of Licence 61, announces the following update.

October 21, 2022

Board Changes

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, 90% owner and operator of Licence 67 and 50% owner and operator of Licence 61, announces the following board changes:

Key Points

  • Alastair D. McBain has resigned as Non-Executive Chairman of the board with immediate effect.
  • Pavel Tetyakov has been appointed as Chief Executive officer and David C Sturt has taken up the role of Executive Chairman.

September 30, 2022

Interim Results for the Half Year Ended 30 June 2022

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, 90% owner and operator of Licence 67 and 50% owner and operator of Licence 61, is pleased to report its abbreviated interim results for the six-month period ending 30 June 2022

The abbreviated interim results can be viewed by clicking on the following link

http://petroneft.com/investor-relations/financial-reports/

September 29, 2022

Final Results 2021

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, 90% owner and operator of Licence 67 and 50% owner and operator of Licence 61, is pleased to report its final results for the year ended 31st December 2021.

In addition, PetroNeft announces that the Company's Annual Report and Accounts for 2021 are now available online at the Company's website www.petroneft.com.

August 29, 2022

Operation 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 announces the Temporary Suspension of Oil Acceptance and Transfer from Licence 61 by Nord Imperial LLC (wholly owned subsidiary of ONGC).

June 16, 2022

Reporting & Operations Update

PetroNeft provides the following updates.

Highlights 

  • The board of PetroNeft is saddened and deeply concerned by the Russia-Ukraine conflict and hopes that a peaceful resolution will be found soon. We continue to monitor the situation on a daily basis, including sanctions and any potential restrictions imposed, and will keep shareholders updated as appropriate. We continue to operate within Government guidelines in all markets in which we operate.
  • Licence 61
              Reservoir stimulation program successfully completed on schedule, within budget, with results as modelled, currently providing an incremental production                    uplift of c. 200 bopd (gross)
              Continue to focus on maximising export volumes
  • Licence 67
               C-4 well at the Cheremshanskoye field continues to exhibit sustained and stable production.
              Drilling preparations continue but at a reduced pace.

February 3, 2022

Director Purchase of Common Shares of PetroNeft

Share Purchase Update

PetroNeft announces that non executive director Eskil Jersing, has purchased common shares in PetroNeft.

 Details of the respective purchase are included in the table below. 

Name

Number of Common Shares purchased

Total number of Common Shares held after Purchase

Percentage of issued share capital held after the purchase

Eskil Jersing

           768,807

              768,807

            0.071%

 

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.

December 21, 2021

2021 RESERVES & RESOURCE AUDIT

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 the results of the reserves and resource audit, the first undertaken since 2016, for Licence 61 and 2011 for Licence 67.


Highlights

  • Miller & Lents (M&L), an independent oil and gas consulting firm, have completed the 2021 Reserves & Resource audit for both Licences 61 and 67, link available at: http://petroneft.com/investor-relations/reserve-reports/ This is the first review of reserves and resources in five years on Licence 61 and a decade for Licence 67.
  • Updated 2P reserves of 48.655 Mbbls and a 2P NPV10 valuation across Licences 61 and 67 of $522.2M net to PTR

All figures in Mbbls

Gross

Net Attributable

Asset Name

Proved

Proved &

Proved

Proved

Proved &

Proved

 

Probable

Probable &

Probable

Probable &

 

 

Possible

 

Possible

Licence 67

4.780

27.214

79.646

4.302

24.493

71.681

Licence 61

24.345

48.325

70.950

12.173

24.163

35.475

Total =

29.125

75.539

150.596

16.475

48.655

107.156

NPV10 $(US)M

Gross

Net Attributable

Asset Name

Proved

Proved &

Proved

Proved &

 

Probable

Probable

Licence 67

50.186

281.895

45.167

253.706

Licence 61

266.302

536.998

133.151

268.499

Total =

316.488

818.893

178.318

522.205

  • Additional 3C Net contingent resource – 23.74 Mbbls

All figures in Mbbls

Gross

Net Attributable

Asset Name

1C

2C

3C

1C

2C

3C

Licence 67

0.566

3.387

24.512

0.509

3.048

22.061

Licence 61

0.499

1.471

3.369

0.250

0.736

1.685

Total =

1.065

4.858

27.881

0.759

3.784

23.745

  • Significant low risk prospective resource estimate for Licence 61 - Emtorskaya prospect, Gross Pmean 96.19 Mbbls with a geological Chance of Success of 49.7%, and Gross P10 upside of 253.35 Mbbls
  • The M&L report underlines the importance and value of License 67 for the Company’s future, with the 2P and 3P gross reserves largely driven by the newly producing Cheremshanskoye field and further upside now recognised, supporting the Company’s new strategy, and added forward focus on License 67

December 17, 2021

PetroNeft Resources PLC 2021 AGM Voting Result

Dublin 17 December 2021: 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 11.00 am today, 17 December 2021. 

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

576,748,487

99.99

50,000

0.01

53.8

147,455

2

576,748,487

99.97

195,455

0.03

53.8

2,000

3

565,054,634

99.97

195,455

0.03

53.8

11,695,853

     4 

576,748,487

99.97

195,455

0.03

53.8

2,000

5

565,054,634

99.97

195,455

0.03

53.8

11,695,853

6

576,748,487

99.97

195,455

0.03

53.8

2,000

7

565,054,634

99.97

195,455

0.03

53.8

11,695,853

8

565,054,634

97.94

11,889,309

2.06

53.8

2,000

*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/21c/21cbf26d4a7455eab7659962d2e5495b.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 16 December 2022.

https://globalmeet.webcasts.com/starthere.jsp?ei=1517532&tp_key=b11c98442e