Final results 2013
June 27, 2014
27 June 2014
PetroNeft Resources plc
(“PetroNeft” or the “Group” or the “Company”)
2013 Final Results
PetroNeft (AIM: PTR) owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to report its final results for the year ended 31 December 2013. In addition, PetroNeft announces that the Company's Annual Report and Accounts for the year ended 31 December 2013 and Notice of AGM will be mailed to shareholders and be available online at the Company's website www.petroneft.com on Monday 30 June 2014.
· Revenue up 12% to $38.6m
· Production up 8% to 870,965 barrels of oil
· Net loss of $9m, driven by $6m foreign exchange loss on intra-group loans
· Licence 61 Farmout will leave Company debt free and fund major well drilling campaign
Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented:
“The main focus in 2013 was the work to find a long-term funding solution for the Company which culminated in the agreement signed with Oil India Limited in April 2014. While there has been a short administrative delay in receiving the Russian Regulatory approval, we expect this to be issued imminently, enabling completion of the Farmout and repayment of all debt.
We will re-commence drilling at Licence 61 this summer and I look forward to updating shareholders with the results of this exciting programme in due course.”
For further information, contact:
|
Dennis Francis, CEO, PetroNeft Resources plc |
+1 713 988 2500 |
|
Paul Dowling, CFO, PetroNeft Resources plc | |
|
John Frain/Brian Garrahy, Davy (NOMAD and Joint Broker)
|
+353 1 679 6363 |
|
Henry Fitzgerald-O’Connor, Canaccord Genuity Limited (Joint Broker)
|
+44 207 523 8000 |
|
Martin Jackson/Shabnam Bashir, Citigate Dewe Rogerson |
+44 207 638 9571 |
|
Joe Murray/Joe Heron, Murray Consultants |
+353 1 498 0300 |
