News

Dublin 12 October 2023: PetroNeft Resources PLC ("PetroNeft " or the "Company") announces that at the extraordinary general meeting of the Company held today, 12 October 2023 ("EGM"), the resolution to approve the proposed disposal of PetroNeft's Russian business and assets were duly passed.

Extraordinary General Meeting Call on Thursday, 12 October at 11.000 am.

Dublin, Ireland – PetroNeft Resources PLC – an international oil and gas exploration and production company focused in Russia, announced on 15 September last that it will hold an Extraordinary General Meeting on October 12^th at 11.00am.

The EGM will be held at the Clayton Hotel, Merrion Road, Ballsbridge, Dublin 4, DO4 P3C3 

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/investor-notices/

Voting procedures are explained in pages 19 and 20 of the notice of the Extraordinary General Meeting where shareholders can obtain more information on the procedures for voting.

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=1637130&tp_key=17bbb7faf4

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. With Click to Join, there’s no need to dial-in. Simply click the link provided above and enter your information to be connected. The link becomes active 15 minutes prior to the scheduled start time.

If you have technical difficulties, please click the “Listen by Phone” button on the webcast player and dial the number provided.

A full replay of the presentation will be available at the same link shortly after the conclusion of the live presentation. The webcast will be available on our website, www.petroneft.com , until October 11, 2024 

We recommend Shareholders attend the presentation by clicking on the webcast URL above, it is not necessary to dial into the audio presentation. Alternatively, you click to dial in by using the following link.

https://events.globalmeet.com/Public/ClickToJoin/ZW5jPThVem03UGRLMURHVkpGcEtGbkppVzlzaHl1NW5jVGVodEt...

Proposed Disposal of PetroNeft’s Russian Business and Assets

PetroNeft Resources plc (AIM: PTR.L, ISE: PTR) has today published a notice of an Extraordinary General Meeting ("EGM") where a resolution will be put before shareholders to approve the proposed disposal of PetroNeft’s Russian business and assets “Proposed Disposal”.

PetroNeft announces that loan settlement agreements have been concluded with the remaining debt finance holders as reported below.

PetroNeft announces that a loan settlement agreement has been executed with Petrogrand AB (“Petrogrand”) regarding an outstanding loan.

Further to our previous announcement on 14 June 2023, PetroNeft announces that it has entered a non-binding conditional Heads of Terms (the "HoT") with Pavel Tetyakov (CEO and Executive Director of the Company) to sell its entire interests in WorldAce Investments Limited (“WAIL”) and OOO Granite Construction (“Granite Construction”) for a nominal consideration of RUR10,000 (approximately USD110 based on current exchange rates).   The HoT is in addition to the Heads of Terms that have been signed in respect of the disposal of the Company’s entire interest in Lineynoye LLC ("Lineynoye") which was announced on 14 June 2023

Further to an announcement on 14 June 2023, PetroNeft reiterates that the Company will not be able to publish its audited annual report and accounts for the year ended 31 December 2022 (the "Accounts") by close of business today, 30 June 2023, as required by the AIM Rules and Euronext Growth Rules (collectively “the Rules”). The Company continues to try to source an auditor which remains challenging due to the Company owning and managing assets within the Russian Federation in the current environment.

Dealings in the Company's ordinary shares will therefore be suspended from 7.30 a.m. on Monday 3 July 2023 until such time as the Accounts have been duly published.  Should the Accounts not be published by 31 December 2023, the Company’s admission to AIM and Euronext Growth will be cancelled.

Notwithstanding the suspension of trading in the Ordinary Shares, the Company will continue to make announcements as and when there are any developments that require announcement under the Rules.

PetroNeft announces that it has entered into a non-binding conditional Heads of Terms (the "HoT") to sell its entire interest in Lineynoye LLC (“Lineynoye”), the subsidiary through which the Company holds its interest in Licence 67, to Pavel Tetyakov (CEO of PetroNeft) for a consideration of Rub 210million (US$2.56m at current exchange rates) plus the assumption of debt (the “Proposed Disposal”).

Further to the announcement on 10^th May regarding the voluntarily filing for bankruptcy administration in respect of Stimul-T LLC, PetroNeft (AIM: PTR) provides the following operational updates.

Licence 67 operations

The C-4 well at the Cheremshanskoye field in Licence 67 continues to produce without any material decline at rates of +/- 270 bopd. The well has produced in total almost 220,000 barrels of oil since being placed into production.

Strategic Asset Review

The sales process  in respect of both Licences L61 and L67 is on-going with the Company being in active discussions with all stakeholders including potential acquirers. The bankruptcy filing of Stimul-T (owner and operator of Licence 61), as required under the Bankruptcy laws of the Russian Federation, clearly represents additional challenges for the Company during such a process.

The Company continues to be in negotiations with Petrogrand AB ("Petrogrand") and the holders of the 2019 Convertible Loans.  The Company cannot predict the outcome of these negotiations and the Company will make further announcements in due course.

Audit Status

To date, the Company has been unable to source an auditor in respect of the Company's financial statements for the financial year ended 31^st   December 2022. Whilst the Company will continue to source an auditor, it is becoming clear that the Company will not be able to submit audited accounts for 2022 by the required deadline of the 30^{th of} June 2023 under the under the rules of AIM and Euronext Growth. This is a rather unfortunate consequence of owning and managing assets within the Russian Federation in the current environment. The likely consequence of not publishing audited accounts by 30^th June 2023 is that the Company’s ordinary shares will be suspended from trading until such time as the situation can be resolved. 

PetroNeft (AIM: PTR) provides the following update.

·         Stimul-T LLC, operator of Licence 61, voluntarily files for bankruptcy administration in Russia 

·         PetroNeft issues Demand Notice to WorldAce Investments Ltd for outstanding Corporate Management Service charges of $0.98M.

Further to the announcement by the Company on 25^th November 2022 of the start of a strategic asset review, PetroNeft now announces that the Company has received an expression of interest from Pavel Tetyakov (CEO of PetroNeft), that may or may not lead to an offer being made to acquire the Company’s Russian assets.