Conversion of Debt

August 23, 2021

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 that it has received notice to convert a total of $293,125 of debt, issued under 3 historic convertible loan agreements, for the issuance of 11,475,840 new Ordinary shares.

The conversion of this debt to shares will result in the outstanding convertible debt being reduced from $3.044 million to $2.750 million and an increase in the total number of issued shares in the Company from 1,045,235,387 to 1,056,711,227. The conversion price of the shares being issued was at a premium to the share price on the dates that the terms of the loan agreements were agreed.

Application will be made to the London Stock Exchange and Euronext Dublin for the 11,475,840 PetroNeft ordinary shares to be admitted to trading on AIM and Euronext Growth. It is expected that admission to trading on each exchange will become effective and that dealings in the New Ordinary Shares will commence on AIM and Euronext Growth at 8.00 a.m. on 26th August 2021.

For further information, contact:

 David Sturt, CEO, PetroNeft Resources plc

+44 7903 869 608 

 John Frain/Ciara O'Mongain, Davy (NOMAD and Broker)  

+353 1 679 6363 

 Joe Heron / Douglas Keatinge, Murray Consultants

+353 1 498 0300