News


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


December 15, 2021

Notice of Webcast Details for AGM and Confirmation of Closed Meeting

NOTICE OF WEBCAST DETAIL FOR ANNUAL GENERAL MEETING AND CONFIRMATION OF CLOSED MEETING TYPE DUE TO ONGOING COVID RESTRICTIONS

Annual General Meeting Call on Friday, December 17that 11.000 am

Dublin, Ireland – PetroNeft Resources PLC – . an international oil and gas exploration and production company focused in Russia, announced on November 24th last that it will hold its   Annual General Meeting on December 17th at 11.00am.

To tackle the ongoing COVID-19 global pandemic, the Irish and UK Governments have issued various advice restricting the   movement and gathering of people. This advice includes the 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, given our previous commentary around the Covid pandemic in our recently released Notice of Annual General Meeting, 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.

http://petroneft.com/upload/iblock/21c/21cbf26d4a7455eab7659962d2e5495b.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 webcast event and can be accessed by clicking on the following Audience event link at

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

 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 17th December 2022.

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 5007493 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 5007493 to the operator when asked. 

Location

Purpose

Phone Type

Phone Number

Australia

Participant

Tollfree/Freephone

1 800 573 793

Australia, Brisbane

Participant

Local

+61 (0)7 3105 0938

Austria, Vienna

Participant

Local

+43 (0)7 2038 0108 40

Bahrain

Participant

Tollfree/Freephone

8000 4741

Belgium

Participant

Tollfree/Freephone

0800 58228

Belgium, Brussels

Participant

Local

+32 (0)2 404 0659

Bulgaria

Participant

Tollfree/Freephone

0800 15021

Location

Purpose

Phone Type

Phone Number

Bulgaria, Sofia

Participant

Local

+359 (0)2 935 8217

Canada, Toronto

Participant

Local

+1 647 484 0478

China

Participant

National

4001 209101

Croatia

Participant

Tollfree/Freephone

0800 806 481

Cyprus

Participant

Tollfree/Freephone

800 96989

Czech Republic

Participant

Tollfree/Freephone

800 143 356

Czech Republic, Prague

Participant

Local

+420 225 439 753

Denmark

Participant

Tollfree/Freephone

80 70 16 25

Denmark, Copenhagen

Participant

Local

+45 35 15 80 49

Egypt

Participant

Tollfree/Freephone

0800 000 9067

Estonia

Participant

Tollfree/Freephone

800 011 1853

Estonia, Tallinn

Participant

Local

+372 674 3050

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

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

Greece, Athens

Participant

Local

+30 211 181 3807

Hong Kong

Participant

Tollfree/Freephone

800 961 105

Hong Kong, Hong Kong

Participant

Local

+852 3008 1527

Hungary

Participant

Tollfree/Freephone

068 001 9218

Hungary, Budapest

Participant

Local

+36 1429 2226

Iceland

Participant

Tollfree/Freephone

800 9369

India, Bangalore

Participant

Local

+91 80 6760 8088

India, Delhi

Participant

Local

+91 11 6310 0156

India, Mumbai

Participant

Local

+91 22 6310 0143

Indonesia

Participant

Tollfree/Freephone

007 803 321 8172

Ireland

Participant

Tollfree/Freephone

1800 832 679

Ireland, Dublin

Participant

Local

+353 (0)1 246 5638

Israel

Participant

Tollfree/Freephone

1809 212 883

Israel, Tel Aviv

Participant

Local

+972 3376 1315

Italy

Participant

Tollfree/Freephone

800 977 396

Italy, Milan

Participant

Local

+39 02 3600 8019

Italy, Rome

Participant

Local

+39 06 8750 0723




Japan, Tokyo

Participant

Local

+81 (0)3 4563 4401

Latvia

Participant

Tollfree/Freephone

8000 4161

Lithuania

Participant

Tollfree/Freephone

8800 30775

Lithuania, Vilnius

Participant

Local

+370 5205 4830

Luxembourg

Participant

Tollfree/Freephone

800 24405

Luxembourg, Luxembourg

Participant

Local

+352 2786 1336

Malaysia

Participant

Tollfree/Freephone

1800 806 802

Malaysia, Kuala Lumpur

Participant

Local

+60 (0)3 7724 0453

Mexico

Participant

Tollfree/Freephone

001 800 514 8435

Mexico, Mexico City

Participant

Local

+52 55 4164 2299

Netherlands

Participant

Tollfree/Freephone

0800 023 1436

Location

Purpose

Phone Type

Phone Number

Netherlands, Amsterdam

Participant

Local

+31 (0) 20 721 9251

New Zealand

Participant

Tollfree/Freephone

0800 423 970

New Zealand, Auckland

Participant

Local

+64 (0) 9 9133 622

Nigeria, Lagos

Participant

Local

+234 1 277 2430

Norway

Participant

Tollfree/Freephone

800 14710

Norway, Oslo

Participant

Local

+47 2350 2007

Oman

Participant

Tollfree/Freephone

800 77207

Philippines

Participant

Tollfree/Freephone

1800 8328 3745

Philippines, Manila

Participant

Local

+63 2 8395 3401

Poland

Participant

Tollfree/Freephone

00 800 121 4059

Poland, Warsaw

Participant

Local

+48 (0)22 206 9996

Portugal

Participant

Tollfree/Freephone

800 812 274

Portugal, Lisbon

Participant

Local

+351 213 180 030

Qatar

Participant

Tollfree/Freephone

00 800 100 443

Romania

Participant

Tollfree/Freephone

0800 885 828

Romania, Bucharest

Participant

Local

+40 (0)21 529 3974

Russian Federation

Participant

Tollfree/Freephone

8 800 500 9283

Russian Federation, Moscow

Participant

Local

+7 495 213 1767

Saudi Arabia

Participant

Tollfree/Freephone

800 844 8805

Singapore

Participant

Tollfree/Freephone

800 186 5107

Singapore, Singapore

Participant

Local

+65 6320 9025

Slovakia

Participant

Tollfree/Freephone

0800 002 286

Slovakia, Bratislava

Participant

Local

+421 (0) 2 5011 2130

Slovenia

Participant

Tollfree/Freephone

0800 80413

Slovenia, Ljubljana

Participant

Local

+386 1 888 8508

South Africa

Participant

Tollfree/Freephone

0800 998 654

South Africa, Johannesburg

Participant

Local

+27 11 844 6054

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, Geneva

Participant

Local

+41 (0)22 567 5729

Taiwan, Taipei

Participant

Local

+886 (0)2 8793 3223

Turkey

Participant

Local

+90 850 390 7583

Ukraine

Participant

Tollfree/Freephone

0800 503 441

United Arab Emirates

Participant

Tollfree/Freephone

8000 3570 2653

United Kingdom

Participant

Tollfree/Freephone

0800 358 6377

United Kingdom, Local

Participant

Local

+44 (0)330 336 9105

United States, Los Angeles

Participant

Local

+1 323-794-2423

United States/Canada

Participant

Tollfree/Freephone

800-289-0438

Viet Nam

Participant

Tollfree/Freephone

1800 400 123



 

December 15, 2021

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.

Highlights

  • Reduction in Petrogrand loan to $2.3 million and all conditions now satisfied to extend maturity for an additional year.
  • Agreement reached to extend the current term by 30 days to 15th January 2022 due to on-going 3rd party refinancing negotiations.

December 8, 2021

Conversion of Debt

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, is pleased to provide a financing update.

Highlights

  • Total of $37,500 of debt converted to equity under 2021 convertible loan agreement for the issuance of 1,395,255 new ordinary shares.


November 24, 2021

NOTICE OF AGM POSTING

PetroNeft confirms that the Notice of the Company’s 2021 Annual General Meeting (AGM) has been posted to Shareholders today. The 2021 AGM will be held on 17 December 2021 at 11:00am 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 12, 2021

Operational 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 is pleased to announce the following operational news.

Highlights

  • Contract signed for the provision of fracking services on the Lineynoye and Arbuzovskoye fields in Licence 61 during the forthcoming winter season

November 1, 2021

Appointment of Eskil Jersing as Independent Non-Executive Director

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 announce that the Board has elected Eskil Jersing as Independent Non-Executive Director of the Company with immediate effect.

September 30, 2021

Interim Results for the Half Year Ended 30 June 2021

PetroNeft Resources plc (further referred to as the “Company” and together with its subsidiaries and joint venture, the “Group”, 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 is pleased to announce its unaudited financial and operating results for the half-year period ended 30 June 2021 (“H1 2021” or the “Period”).

Click here for report: /investor-relations/financial-reports/Interim Results for Half Year Ended 30 June 21.pdf

September 23, 2021

Export of Crude Oil

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 announce the following operational news.

Highlights

o   Export oil sales to commence from 1st October.

September 15, 2021

Conversion of Debt

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 that it has received notice to convert a total of $375,000 of debt, issued under a recent convertible loan agreement, for the issuance of 13,686,131 new Ordinary shares.

August 23, 2021

Conversion of Debt

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 that it has received notice to convert a total of $293,125 of debt, issued under 3 historic convertible loan agreements, for the issuance of 11,475,840 new Ordinary shares.

June 29, 2021

Appointment of reserves auditor

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 update.

Highlights

  • Miller and Lents have been awarded the contract to independently audit the company’s reserves/resource. 
  • New reserve/resource report due to be published before the end of Q3.

June 22, 2021

Final Results 2020

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 is pleased to report its final results for the year ended 31st December 2020.

Highlights

  • New leadership, combined with strong local support, continues to demonstrate significant technical, operational and financial progress in 2020. 
  • Despite external adverse factors including closing down production in April 2020 due to oil price, gross 2020 production averaged 1,562 bopd down only 3.2% year on year (1,614 bopd 2019). 
  • Operating costs per barrel reduced by 10.3% (cost of sales excluding depreciation and Mineral Extraction Tax) at US$12.39 per barrel (2019: US$13.82 per barrel). 
  • Loss for the year US$4.54M (2020) reduced from US$6.04M (2019) despite 32.7% fall in realized oil price per barrel. 
  • Due to the COVID-19 pandemic, the Company intends to publish later the notice for the Annual General Meeting in order to increase the chances of shareholders to be able to physically attend. 

2020 Final Results

June 8, 2021

Licence 67 Operations 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 is pleased to announce the following operational news.

Highlights

  • Production from the Cheremshanskoye field has provided the Company with strong operational cash flows. The well has shown virtually no decline since the start of production. The choke size was recently increased to 10mm and the rate increased to 320 bopd.
  • Workover operations on the L-2a well at the Ledovoye field also at Block 67 have been carried out successfully, producing an oil flow through a perforated liner which should enable the Company to book Russian state reserves, leading to the creation of development options for this field.

April 26, 2021

Licence 67 Operational 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, is pleased to announce the following operational update for Licence 67.

Highlights 

  • Completion of the Cheremshanskoye road ahead of schedule and within budget.
  • Good performance from the C-4 well. The well is flowing naturally at approximately 300 bopd without any decline and over 16,000 bbls of oil has been produced to date.

  • Workover rig mobilized to the L-2a well on Ledovoye field, initial results expected by the end of Q2.

April 8, 2021

Conversion of debt

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, is pleased to provide a financing update.

Highlights

  • $156,000 of debt converted to equity under the 2019 convertible loan agreement for the issuance of 10,084,034 new Ordinary shares.