PetroNeft, an Irish public company previously involved in oil & gas exploration and production in the Tomsk region of the Russian Federation. By way of notification to all stakeholders we are now  publishing on the PetroNeft website, what we reported on the Company’s last EGM, the following Business updates

Board Changes:

·       David Sturt (Executive Chairman) and Michael Power (Non-Executive Director) have resigned from the Board with immediate effect.

David Sturt was appointed a Non-Executive Director of the Company April 2016 and became Chief Executive on 25 March 2019. David stepped into the position of Executive Chairman October 2022 due to the resignation of the then Non-Executive Chairman (Alastair McBain).

Michael Power joined the Company March 2000 and held various roles in Finance and that of Company Secretary before joining the Board on the 4^th January 2024 as Non-Executive Director after the resignation of the two Non-Executive Directors (Anthony Sacca and Eskil Jersing).

Both David and Michael have resigned for personal reasons having helped steer the Company through the orderly exit of the Company’s Russian assets. They have agreed to provide advice and assistance as required to ensure continuity within the Company and in particular support the Company in the next steps as outlined below. Michael has also agreed to stay in the position of Company Secretary until the middle of January to help with the end of year administrative burden.

Business Update:

As previously reported, the enforced disposal the Company’s Russian assets, due to the ongoing conflict between Russia and Ukraine, is now complete. The Board and Management have proactively worked with all stakeholders on a fully informed basis with a view to securing full and final settlements, in line with parameters as reported in the Company’s Sale Prospectus.

The Company has now published on its website the Company’s Annual Report for FY 2022 and FY 2023. Liquidity issues plus international sanctions meant the Company could not appoint Auditors for the reported fiscal periods. The Annual Reports can be viewed by clicking on the following links: petroneft.com/upload/iblock/504/5w26ebvfnc3u43mq2ds43kb6evuh16up.pdf for the 2022 Annual Report and petroneft.com/upload/iblock/3ae/s5vw88mddk97wj4io8u7ykb6ktie0j7q.pdf for the 2023 Annual Report

Going forward, the Company will publish the Annual Report for FY 2024, and strive to the best of its ability to comply with local filing requirements. Outstanding business matters include the determination whether or not the Contingency fees, which were reported as part of the Sales Transaction fees for both Lineynoye LLC and Granite LLC will crystalize, which though remote, should be fully known and informed in the first half of FY 2025 . In addition, efforts to dispose of the Company plus its only remaining asset, that being confirmed tax losses will continue, although so far with little interest.

Investors are encouraged to monitor the Company's website for further updates. 

For further information, contact: