News

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 90% owner and operator of Licences 67 and 50% owner and operator of Licence 61 is pleased to report its final results for the year ended 31^st December 2020.

Highlights

• New leadership, combined with strong local support, continues to demonstrate significant technical, operational and financial progress in 2020. 

• Despite external adverse factors including closing down production in April 2020 due to oil price, gross 2020 production averaged 1,562 bopd down only 3.2% year on year (1,614 bopd 2019). 

• Operating costs per barrel reduced by 10.3% (cost of sales excluding depreciation and Mineral Extraction Tax) at US$12.39 per barrel (2019: US$13.82 per barrel). 

• Loss for the year US$4.54M (2020) reduced from US$6.04M (2019) despite 32.7% fall in realized oil price per barrel. 

• Due to the COVID-19 pandemic, the Company intends to publish later the notice for the Annual General Meeting in order to increase the chances of shareholders to be able to physically attend. 

2020 Final Results

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 90% owner and operator of Licences 67 and 50% owner and operator of Licence 61 is pleased to announce the following operational news.

Highlights

• Production from the Cheremshanskoye field has provided the Company with strong operational cash flows. The well has shown virtually no decline since the start of production. The choke size was recently increased to 10mm and the rate increased to 320 bopd.

• Workover operations on the L-2a well at the Ledovoye field also at Block 67 have been carried out successfully, producing an oil flow through a perforated liner which should enable the Company to book Russian state reserves, leading to the creation of development options for this field.

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, is pleased to announce the following operational update for Licence 67.

Highlights 

• Completion of the Cheremshanskoye road ahead of schedule and within budget.

• Good performance from the C-4 well. The well is flowing naturally at approximately 300 bopd without any decline and over 16,000 bbls of oil has been produced to date.

• Workover rig mobilized to the L-2a well on Ledovoye field, initial results expected by the end of Q2.

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, is pleased to provide a financing update.

Highlights

• $156,000 of debt converted to equity under the 2019 convertible loan agreement for the issuance of 10,084,034 new Ordinary shares.

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licence 61 and 90% owner of Licence 67, is pleased to provide a financing update.

Highlights

• Total of $2.69M of debt converted to equity under three historic convertible loan agreements for the issuance of 115,794,613 new Ordinary shares.

• Participation by the company’s largest Shareholders, Directors and Senior Management.

 

PetroNeft Resources PLC (the “Company”) provides the following update in relation to the migration of Irish corporate securities from CREST to Euroclear Bank (“Migration”) under the Migration of Participating Securities Act 2019 (“2019 Act”).

Following the approval of all resolutions necessary to facilitate participation of the Company's ordinary shares in Migration at the extraordinary general meeting of the Company held on 19 February 2021, the Company has now completed all necessary actions required of it under the 2019 Act and the Migration Guide.

PetroNeft Resourced PLC ("PetroNeft Resources " or the "Company") an international oil and gas exploration and production company focused in Russia, is pleased to announce that the proposed Resolution was duly passed without amendment at the Company's EGM held at 11.00 am today, 12 March 2021. 

Extraordinary General Meeting Call on Friday, March 12 at 11.000 am

Dublin, Ireland – PetroNeft Resources PLC – an international oil and gas exploration and production company focused in Russia, announced on February 19 last that it will hold an Extraordinary General Meeting on March 12 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 Extraordinary General Meeting requires to be a closed meeting, which Shareholders are not permitted to attend in person.

Notice of the Extraordinary General Meeting can be obtained by copying and pasting the following link into your web browser.

http://petroneft.com/news/2021/1254/

Voting procedures are explained in pages 12 and 13 of the notice of the Extraordinary General Meeting where shareholders can obtain more information on the procedures for voting by completion of either an electronic proxy appointment or a CREST Proxy Instruction.

The Extraordinary General Meeting conference will be a webcast event and can be accessed by copying and pasting the following link into your web browser.

https://globalmeet.webcasts.com/starthere.jsp?ei=1433970&tp_key=2630a914c3

Shareholders can attend the presentation from their laptop, tablet, or mobile device. Audio will stream through your selected device, so be sure to have headphones or your volume turned up.

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 is pleased to announce the following operational news.

Highlights

• Production commenced from the Cheremshanskoye field on Licence 67.

• Current production over 240 bopd. 

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, is pleased to announce that the acquisition of an additional 40% interest In Licence 67 from Belgrave Naftogas (formerly Arawak Russia B.V.) has now completed and therefore PetroNeft's interest in this licence has risen from 50% to 90%. PetroNeft also has a 50% operated interest in Licence 61.

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 operational successes.

• Hydraulic fracture stimulation program of wells on both the Sibkrayevskoye and the Lineynoye fields successfully completed. 

• Initial results from the wells are very encouraging, leading to production increases and opening the door to potential further developments.

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, announces that David Golder has, after 15 years’ service to the company, decided to retire from the Board with immediate effect.

The Board has unanimously elected Alastair McBain, who joined the board on 29^th January 2021, as Non-Executive Chairman of the Company.

PetroNeft Resources PLC EGM Result

And

Notification of EGM in connection with Convertible Debt Funding.

Dublin 19 February 2021: PetroNeft Resourced PLC ("PetroNeft Resources " or the "Company") an international oil and gas exploration and production company focused in Russia, is pleased to announce that all Resolutions were duly passed without amendment at the Company's EGM held at 11.00 am today, 19 February 2021. 

All resolutions as set out in the Notice of EGM were voted on by way of a poll and the results were as follows:

	In Favour (including discretionary)		Against		Vote Total as % of Issued Share Capital	Withheld*
Resolution	Votes	%	Votes	%	%	Votes
1	466,656,816	100	56,000	0	55.6	111,382
2	466,656,816	100	56,000	0	55.6	111,382
3	466,656,816	100	56,000	0	55.6	111,382

*A vote withheld is not a vote in law and is therefore not counted towards the proportion of votes "in favour" or "against" the Resolution.

The full wording of the resolutions can be found by clicking on the following link:

http://petroneft.com/upload/information/notices/

An EGM Circular and Notice of EGM has been posted to Shareholders on 18 February 2021 and being made available for review on www.petroneft.com. The EGM will be held at the Company’s registered office, 20 Holles Street, Dublin 2, Ireland at 11.00 am on Friday 12 March 2021.

Extraordinary General Meeting Call on Friday, February 19^th at 11.000 am

Dublin, Ireland  – PetroNeft Resources PLC – . an international oil and gas exploration and production company focused in Russia,  announced on January 29^th last that it will hold its   Extraordinary General Meeting on February 19  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 Extraordinary General Meeting can be obtained by copying and pasting the following link into your web browser.

http://petroneft.com/investor-relations/2021-egm-centre/

Voting procedures are explained in pages 73 and 74 of the notice of the Extraordinary General Meeting where shareholders can obtain more information on the procedures for voting by completion of either an electronic proxy appointment or a CREST Proxy Instruction.

Highlights

• New $2.9m convertible loan facility providing greater headroom to develop value.

Highlights

• Execution of Sales Purchase Agreement to acquire an additional 40% interest in Licence 67.

• Alastair McBain appointed as a Non-Executive Director of the company.

 

An EGM will be held at the Company’s offices at 20 Holles Street, Dublin 2, Ireland at 11.00 am Irish time on Friday, 19 February 2021.

Until now transactions in the shares of the Company have been settled through the CREST system. However, as the United Kingdom has withdrawn from the European Union, it will no longer be possible to use the CREST system. Consequently, PetroNeft like all other Irish incorporated and traded PLCs, will have to migrate settlement to another system based within the EU called Euroclear. This is a necessity as there is no meaningful alternative for settlement.

Licence 61

• Increase in production performance with 1,847 bopd during January (1,727 bopd January 2020) – up 6.95% year on year. 

• Good progress on preparations for fracking program on track with two well program to start during first week in February.

 

Licence 67

• Operations to commence year-round production from the C-4 well at the Cheremshanskoye field on course to commence during second week in February. 

• Construction of a road linking C-4 to an all-season road on target for completion in Q2.