News

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:

*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.

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/

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.

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.

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/

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 31^st 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.

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).

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

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. 

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 15^th 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 15^th 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.

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.

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 31^st 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 31^st December 2021 to 31^st 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.

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

• Additional 3C Net contingent resource – 23.74 Mbbls

• 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