News


January 22, 2021

Finance Update

Convertible Loan facility

In June 2019 PetroNeft agreed a convertible loan facility of US$1.3 million with a group of five lenders. The convertible loan matured on 31st December 2020. The Company is now pleased to announce that it has reached agreement with the five lenders to extend the term of the loan under the following terms:

  • Extension to the Maturity date from 31st December 2020 to 31st December 2021
  • Interest rate to remain at 8% above LIBOR.
  • Convertible right to remain at 65% of the loan amount.

January 15, 2021

Licence 67 Potential Acquisition of an additional 40% interest

Highlights

  • Heads of Terms signed with Belgrave Naftogas (formerly Arawak Energy Russia B.V.) to acquire an additional 40% interest in Licence 67 for US$2.9 million.

January 14, 2021

Finance Update

Loan facility

In June 2019 PetroNeft agreed a convertible loan facility of US$1.3 million with a group of five lenders. The convertible loan matured on 31st December 2020 however discussions have been ongoing to secure a one year extension to the maturity date. Whilst those discussions are ongoing we are confident that we will be able to announce a successful outcome shortly.