December 15, 2020


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


·         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') 


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


  • 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.


  • 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.


  • 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:


  • 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.


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.

June 29, 2020

2019 and Q1 2020 Operations 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 provide the following extensive operations update covering the full year 2019 and Q1 2020. This information is being provided to update shareholders on operations while we are working towards completion of our audit and publication of the 2019 Annual Report – both having been delayed due to Covid.   An extension has been granted by Dublin ESM and London AIM markets.

May 11, 2020

Share Issue

Share Issue

PetroNeft has settled outstanding liabilities owed to Dennis Francis totalling $200,000 through the issue of 10,471,204 new ordinary shares.

Resultant holdings of Mr Francis:

Ordinary Shares held 

prior to Share Issue



   Resulting holding

   of Ordinary Shares

% of Issued 

    Share Capital*

Dennis Francis 






*This percentage shareholding is based on a total shares now in issue figure of 839,357,061 ordinary shares.

The Company will apply for admission of the Shares to be traded on the AIM and Euronext Growth markets. It is expected that Admission will take place and that trading will commence on or around 14th May 2020.

For further information, contact:

David Sturt, CEO, PetroNeft Resources plc

     +971 55 1919 808

John Frain/Brian Garrahy, Davy (NOMAD and Broker)    

      +353 1 679 6363            

Joe Heron / Douglas Keatinge, Murray Consultants

      +353 1 498 0300


April 27, 2020

Operations Update


  • Successful re-entry of the C-3 well in the Lower Jurassic J14 interval in the C-3 well. Testing confirmed gas, and non-commercial quantities of high paraffin condensate/light oil.

  • Work over of the J14 interval was under budget.

  •  Testing of the upper horizons and the well re-entry program as a whole has been suspended due to the current global situation.

April 1, 2020

Operational Update


·         Connection of the Sibkrayevskoye field to the Central Processing Facility enabling year-round production from Sibkrayevskoye.

March 16, 2020

Operational Update


·         Successful re-entering of the C-4 well, flowing naturally at up to 476 bopd of good quality 100% oil from the Upper Jurassic J1-1 & J1-3 reservoirs.

·         Negotiated attractive long-term oil sales contract for all oil produced from Licence 67. Approximately 1,200 bbls of oil already sold and transferred to the refinery. These are the first commercial sales from Licence 67. 

·         High value barrels attracting lower MET rate.

·         Work over rig now moving from C-4 to the C-3 well on the southern margin of the Cheremshanskoye field to test the deeper Jurassic J-14 reservoir.

January 17, 2020

Operational update and Board Changes

Operational Highlights

·         Contract awarded and construction commenced on mini oil processing facility on Licence 61, completion due in 2020.

·         Operations commence on Licence 67 with construction of winter road linking the C-4 and C-3 wells to the road and contract awarded for work over rig for the C-4 well work over which will start in January.

Board Changes:

·         Maxim Korobov has elected to resign from the Board. Pavel Tetyakov, the Company’s Vice President of Business Development and Daria Shaftelskaya join the board with immediate effect.

January 8, 2020

Result of Extraordinary General Meeting

The board of PetroNeft is pleased to announce that all resolutions proposed to shareholders at the Company's extraordinary general meeting held in Dublin on 7 January 2020 were duly passed. The meeting was to approve the Placing announced on 12 December 2019 and the issue of 107,755,037 Placing Shares at a price of £0.015 each.