News


June 25, 2019

Financing Update

Loan facility

PetroNeft has entered into a convertible loan facility of US$1.3 million with a group of five lenders. The convertible loan matures on 31st December 2020 or on the sale of either Licence 61 or Licence 67.   The loan facility will be used for general corporate and ongoing operational purposes and carries an interest rate of 8% above USD LIBOR. Lenders can elect at any time to convert up to 65% of the outstanding loan to shares at a conversion price of US$0.01547 (1.547 cent).

June 21, 2019

Final results 2018

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 2018.

Highlights

·         C-4 well at Cheremshanskoye produced about 450 bopd on test

·         Gross production at Licence 61 in 2018 was 713,603 barrels of oil or an average of 1,955 bopd

o   While this represents a reduction in production it is ahead of expectations due to continued good performance of horizontal wells at South Arbuzovskoye

·         64.2 mmbbls total proved and probable (2P) reserves net to PetroNeft

April 24, 2019

Increase in Reserves for Licence 67 following drilling success

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 (the remaining 50% held by Arawak Energy), is pleased to give the following update in relation to reserves at its Licence 67.

 Highlights

 ·         New reserves approved for Licence 67, Cheremshanskoye field.

 ·         Approximately 19.26 mmbbls of C1 + C2 reserves (gross) for the Jurassic Reservoirs.

 ·         Currently examining development options for Licence 67.

 ·         Material additional exploration potential of the overlying Cretaceous section being studied.

April 16, 2019

Share Issue

PetroNeft has agreed to issue 13,884,594 Ordinary Shares in settlement of liabilities as follows:

April 9, 2019

Initial thoughts from New Chief Executive Officer

“I have now been in my new position as CEO for just over two weeks and thought it would be an appropriate time to update you on my initial thoughts."

March 21, 2019

Financing Update

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.  The parties have agreed an increase in the facility by US$500,000 to US$2.5 million and a revised maturity date of 15 December 2019 (which may be extended by mutual consent of the parties).

January 25, 2019

Management change

Paul Dowling, CFO and Company Secretary, will depart the Company at the end of January 2019 to pursue other opportunities. Paul will be available to the Company for a transition period while a suitable candidate is identified by the Company..

January 10, 2019

New Chief Executive Officer

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 selection and appointment of a new Chief Executive Officer (“CEO”).

 Mr. David Sturt, who has been a Non-Executive Director of the Company since 2016 will become CEO with effect from 25 March 2019. In the meantime, Karl Johnson, VP of Operations, will continue as Interim CEO.

January 2, 2019

Financing Update

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. The loan matured on 31 December 2018, however discussions are ongoing to agree an extension and an increase to the facility. We will update shareholders in due course.