News


March 2, 2021

Completion of fracking program and initial results

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 operational successes.

  • Hydraulic fracture stimulation program of wells on both the Sibkrayevskoye and the Lineynoye fields successfully completed. 

  • Initial results from the wells are very encouraging, leading to production increases and opening the door to potential further developments.

February 22, 2021

Retirement of Chairman and Appointment of Alastair McBain as Non-Executive Chairman

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, announces that David Golder has, after 15 years’ service to the company, decided to retire from the Board with immediate effect.

The Board has unanimously elected Alastair McBain, who joined the board on 29th January 2021, as Non-Executive Chairman of the Company.

February 19, 2021

EGM Result and Notification of EGM for convertible loan

PetroNeft Resources PLC EGM Result

And

Notification of EGM in connection with Convertible Debt Funding.

Dublin 19 February 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 EGM held at 11.00 am today, 19 February 2021. 

All resolutions as set out in the Notice of EGM 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

466,656,816

100

56,000

0

55.6

111,382

2

466,656,816

100

56,000

0

55.6

111,382

3

466,656,816

100

56,000

0

55.6

111,382

*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/information/notices/

An EGM Circular and Notice of EGM has been posted to Shareholders on 18 February 2021 and being made available for review on www.petroneft.com. The EGM will be held at the Company’s registered office, 20 Holles Street, Dublin 2, Ireland at 11.00 am on Friday 12 March 2021.

February 17, 2021

NOTICE OF WEBCAST FOR EXTRAORDINARY GENERAL MEETING

Extraordinary General Meeting Call on Friday, February 19th at 11.000 am

Dublin, Ireland  – PetroNeft Resources PLC – . an international oil and gas exploration and production company focused in Russia,  announced on January 29th last that it will hold its   Extraordinary General Meeting on February 19  at 11.00am.

To tackle the ongoing COVID-19 global pandemic, the Irish and UK Governments have put in place various laws restricting the   movement and gathering of people. These laws include restriction on gatherings indoors, unless essential for work purposes. The health and wellbeing of our Shareholders, employees, advisers and of the public is of utmost importance to the Board. The Company is committed to minimizing the unnecessary movement of people at this time. As a result, and in order that Shareholders can comply with the measures currently in place, this year’s Annual General Meeting requires to be a closed meeting, which Shareholders are not permitted to attend in person.

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/2021-egm-centre/

Voting procedures are explained in pages 73 and 74 of the notice of the Extraordinary General Meeting where shareholders can obtain more information on the procedures for voting by completion of either an electronic proxy appointment or a CREST Proxy Instruction.

February 17, 2021

Financing Update

Highlights

  • New $2.9m convertible loan facility providing greater headroom to develop value.

February 1, 2021

Acquisition of additional 40% interest in Licence 67 and Director Appointment

Highlights

  • Execution of Sales Purchase Agreement to acquire an additional 40% interest in Licence 67.
  • Alastair McBain appointed as a Non-Executive Director of the company.

 

January 29, 2021

Notice of EGM - Crest Migration

An EGM will be held at the Company’s offices at 20 Holles Street, Dublin 2, Ireland at 11.00 am Irish time on Friday, 19 February 2021.

Until now transactions in the shares of the Company have been settled through the CREST system. However, as the United Kingdom has withdrawn from the European Union, it will no longer be possible to use the CREST system. Consequently, PetroNeft like all other Irish incorporated and traded PLCs, will have to migrate settlement to another system based within the EU called Euroclear. This is a necessity as there is no meaningful alternative for settlement.

January 27, 2021

Operational Update

Licence 61

  • Increase in production performance with 1,847 bopd during January (1,727 bopd January 2020) – up 6.95% year on year. 
  • Good progress on preparations for fracking program on track with two well program to start during first week in February.

 

Licence 67

  • Operations to commence year-round production from the C-4 well at the Cheremshanskoye field on course to commence during second week in February. 
  • Construction of a road linking C-4 to an all-season road on target for completion in Q2.

January 22, 2021

Finance Update

Convertible Loan facility

In June 2019 PetroNeft agreed a convertible loan facility of US$1.3 million with a group of five lenders. The convertible loan matured on 31st December 2020. The Company is now pleased to announce that it has reached agreement with the five lenders to extend the term of the loan under the following terms:

  • Extension to the Maturity date from 31st December 2020 to 31st December 2021
  • Interest rate to remain at 8% above LIBOR.
  • Convertible right to remain at 65% of the loan amount.

January 15, 2021

Licence 67 Potential Acquisition of an additional 40% interest

Highlights

  • Heads of Terms signed with Belgrave Naftogas (formerly Arawak Energy Russia B.V.) to acquire an additional 40% interest in Licence 67 for US$2.9 million.

January 14, 2021

Finance Update

Loan facility

In June 2019 PetroNeft agreed a convertible loan facility of US$1.3 million with a group of five lenders. The convertible loan matured on 31st December 2020 however discussions have been ongoing to secure a one year extension to the maturity date. Whilst those discussions are ongoing we are confident that we will be able to announce a successful outcome shortly.


December 15, 2020

NOTICE OF WEBCAST FOR ANNUAL GENERAL MEETING

Annual General Meeting Call on Friday, December 18that 11.000 am

Dublin, Ireland  – PetroNeft Resources PLC – . an international oil and gas exploration and production company focused in Russia,  announced on November 26th last that it will hold its   Annual General Meeting on December 18th at 11.00am.

To tackle the ongoing COVID-19 global pandemic, the Irish and UK Governments have put in place various laws restricting the   movement and gathering of people. These laws include restriction on gatherings indoors, unless essential for work purposes. The health and wellbeing of our Shareholders, employees, advisers and of the public is of utmost importance to the Board. The Company is committed to minimizing the unnecessary movement of people at this time. As a result, and in order that Shareholders can comply with the measures currently in place, this year’s Annual General Meeting requires to be a closed meeting, which Shareholders are not permitted to attend in person.

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

/investor-relations/investor-notices/Dial in details and Webcast_PetroNeft.pdf

Voting procedures are explained in page 5 of the notice of the Annual General Meeting were shareholders can obtain more information on the procedures for voting by completion of either an electronic proxy appointment or a CREST Proxy Instruction.

December 15, 2020

Financing Update

Petrogrand 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. During 2019, the parties further agreed to an increase in the facility by US$500,000 to US$2.5 million and a revised maturity date of 15 December 2020. Terms include the potential entitlement to bonus payments of US$2.5 million per Licence if either or both Licence 61 or Licence 67 are sold before 31 December 2022.

The company is now pleased to announce that it has reached agreement with Petrogrand to further extend the loan under the following terms:

  • Extension to the Maturity date to 15th December 2021 at the same interest rate.

  • Ten percent of the loan amount to be repaid in six equal instalments from July through to December 2021.

  • Further extension possible to 15th December 2022 on payment of a further 10% of outstanding loan amount by 15th December 2021.

  • Extension to the bonus payments timing by up to two years to 31st December 2024.

December 14, 2020

Licence 67 Financing and Operational Update


Highlights

·         Strategic step forward on Licence 67 towards year-round production and development of Cheremshanskoye field. 

·         Offtake contract signed with Alexandrovskoye Oil Refinery (“AOR”) that includes circa $1M of advance payment against future oil shipment from the C4 well on              the Cheremshanskoye field to cover infrastructure development on Licence 67. 

·         Contract awarded to Kedr LLC (local construction company in Tomsk) to cover the construction of a 6.5 km all weather road connecting the C4 well to the                        nearest all season road thereby enabling year round production from early 2021.

November 26, 2020

AGM Notice - AGM on 18th December 2020


PetroNeft Resources plc ('PetroNeft' or 'the Company') 

NOTICE OF AGM POSTING

PetroNeft confirms that the Notice of the Company’s 2020 Annual General Meeting (AGM) has been posted to shareholders today. The 2020 AGM will be held at 11:00am in the Red Cow Inn, Naas Road, Dublin, D22RSP3, Ireland. The Notice is now available online at the Company's website  Click here for AGM Notice 2020

October 30, 2020

Interim Results for the Half Year Ended 30 June 2020

Highlights

  • Gross production from Licence 61 in H1 2020 1,566 bopd (783 bopd net to PetroNeft). 
  • Completed construction of a 26 km pipeline connecting Sibkrayevskoye field to the Central Processing Unit significantly ahead of schedule and within budget, allowing year-round production from Sibkrayevskoye which commenced from the end of March 2020. 
  • Optimisation of the water flood program at the Lineynoye field resulting in a 20% year on year increase in production (July to July). 
  • Successfully completed extended well test of the C-4 well producing and selling 1,200 bbls of oil at competitive rates. 
  • Restarted construction of mini refinery at License 61, which is now under test production. 
  • Daria Shaftelskaya and Pavel Tetyakov joined the board, while Maxim Korobov resigned after almost 4 years as a director.

Click here for interim financials


October 8, 2020

Successful testing of Mini Oil Refinery


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 successful testing of the mini oil refinery on Licence 61 ahead of schedule.

Highlights        

  • Successful testing of mini refinery processing unit on Licence 61.

  • Regulatory approval in process, expected to be in place by Q1 2021.

  • Project set to significantly reduce operating expenditure   

September 25, 2020

Financial Results 2019

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, is pleased to report its final results for the year ended 31st December 2019.

Highlights

  • Significant technical, operational and financial progress in 2019 driven by new leadership team and stronger local input.

 

  • Gross 2019 production 1,614bopd (1,955bopd 2018), rising to 1,727bopd in August 2020. Focused well management, monitoring and intervention programme steadily improved overall field performance at Lineynoye.

 

  • Increased potential of Licence 67 beginning to emerge due to increased focus and careful re-interpretation of data

 

  • Successful Convertible debt and post year end equity issues with strong shareholder and director support.

 

  • Loss for the year $6.4M (2019) reduced from $7.56M (2018).

 

  • Reduction in costs at all levels; corporate costs reduced by 47%, from $1.512M (2018) to $0.807M (2019).

 

  • Due to the COVID-19 pandemic, the Company intends to publish its half year report for the six months ended 30 June 2020 by 31st October 2020.

September 21, 2020

Licence 67 Financing Arrangement

21st September 2020

                                                                                                PetroNeft Resources plc ('PetroNeft' or 'the Company')

Licence 67 Financing Arrangements,

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 provide the following financing update:

 Highlights

  • Heads of Terms signed with Alexandrovskoye Oil Refinery (“AOR”) to provide up to $1M to finance infrastructure development on Licence 67 to enable year-round production from 2021.

August 25, 2020

Operational Update

25th August 2020 

                                                                         PetroNeft Resources plc ('PetroNeft' or 'the Company')  

Operational Update

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 improved production.

Highlights 

o   Production up year on year by 7.8%, to 1,589 bbls/day July 2020, currently averaging 17% above July 2019 levels. 

o   Strong performance from the Lineynoye field with production over 20% ahead of July 2019 levels. 

o   Sibkrayevskoye field continues to perform well with production currently averaging 246 bbls/day. 

o   Improvement in local market conditions.