News


April 1, 2021

Conversion of debt

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.

 

March 15, 2021

Migration of Participating Securities

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.

March 12, 2021

EGM Result and Presentation

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. 

March 9, 2021

NOTICE OF WEBCAST FOR EXTRAORDINARY GENERAL MEETING 12th March

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.

March 9, 2021

Production commences at Licence 67

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. 


March 8, 2021

Completion of Acquisition

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.

March 2, 2021

Completion of fracking program and initial results

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.

February 22, 2021

Retirement of Chairman and Appointment of Alastair McBain as Non-Executive Chairman

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 29th January 2021, as Non-Executive Chairman of the Company.

February 19, 2021

EGM Result and Notification of EGM for convertible loan

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.

February 17, 2021

NOTICE OF WEBCAST FOR EXTRAORDINARY GENERAL MEETING

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

Dublin, Ireland  – PetroNeft Resources PLC – . an international oil and gas exploration and production company focused in Russia,  announced on January 29th 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.

February 17, 2021

Financing Update

Highlights

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

February 1, 2021

Acquisition of additional 40% interest in Licence 67 and Director Appointment

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.

 

January 29, 2021

Notice of EGM - Crest Migration

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.

January 27, 2021

Operational Update

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.

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.


December 15, 2020

NOTICE OF WEBCAST FOR ANNUAL GENERAL MEETING

Annual General Meeting Call on Friday, December 18that 11.000 am

Dublin, Ireland  – PetroNeft Resources PLC – . an international oil and gas exploration and production company focused in Russia,  announced on November 26th last that it will hold its   Annual General Meeting on December 18th 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 Annual General Meeting can be obtained by copying and pasting the following link into your web browser.

/investor-relations/investor-notices/Dial in details and Webcast_PetroNeft.pdf

Voting procedures are explained in page 5 of the notice of the Annual General Meeting were shareholders can obtain more information on the procedures for voting by completion of either an electronic proxy appointment or a CREST Proxy Instruction.

December 15, 2020

Financing Update

Petrogrand Loan facility

In January 2018 PetroNeft agreed a loan facility for up to US$2 million with Swedish company Petrogrand AB (“Petrogrand”) secured on the assets of PetroNeft. The loan facility was fully drawn down and was used to finance the drilling of the successful C-4 well in 2018 and for general corporate purposes. During 2019, the parties further agreed to an increase in the facility by US$500,000 to US$2.5 million and a revised maturity date of 15 December 2020. Terms include the potential entitlement to bonus payments of US$2.5 million per Licence if either or both Licence 61 or Licence 67 are sold before 31 December 2022.

The company is now pleased to announce that it has reached agreement with Petrogrand to further extend the loan under the following terms:

  • Extension to the Maturity date to 15th December 2021 at the same interest rate.

  • Ten percent of the loan amount to be repaid in six equal instalments from July through to December 2021.

  • Further extension possible to 15th December 2022 on payment of a further 10% of outstanding loan amount by 15th December 2021.

  • Extension to the bonus payments timing by up to two years to 31st December 2024.

December 14, 2020

Licence 67 Financing and Operational Update


Highlights

·         Strategic step forward on Licence 67 towards year-round production and development of Cheremshanskoye field. 

·         Offtake contract signed with Alexandrovskoye Oil Refinery (“AOR”) that includes circa $1M of advance payment against future oil shipment from the C4 well on              the Cheremshanskoye field to cover infrastructure development on Licence 67. 

·         Contract awarded to Kedr LLC (local construction company in Tomsk) to cover the construction of a 6.5 km all weather road connecting the C4 well to the                        nearest all season road thereby enabling year round production from early 2021.