PTR.L

PetroNeft Resources Plc
Petroneft Resources - Company Update
17th March 2023, 11:44
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 3986T
Petroneft Resources PLC
17 March 2023
 

PetroNeft Resources plc

17th March 2023

 

PetroNeft Resources plc ('PetroNeft' or 'the Company')

 

COMPANY UPDATE

 

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 provides the following.

Strategic Review

The Independent Committee remains in discussion with Pavel Tetyakov, CEO of PetroNeft, which may or may not lead to a binding offer for the Company's Russian assets. At this stage there is no certainty that this will lead to a successful outcome.

The Company is also in discussions with all its main debt holders, in particular Petrogrand AB ($2.55M) and the holders of the 2021 Convertible note ($1.24M) whose maturity dates have expired at this time.

Litigation

The Tomsk Regional Court of Arbitrage has just made the decision on the first claim from Nord Imperial LLC, the owner of the pipeline connecting Licence 61 to the Transneft pipeline system, to Stimul-T LLC, the holder of Licence 61, to collect debt for oil transportation services in the amount of USD 4.2MM (main debt) and USD 2.3MM (penalties). The court resolved to satisfy the claim of Nord Imperial in the amount of USD 3.8MM (main debt) and USD 2.3MM (penalties).

The Company believes there are grounds to further reduce the claimed amount and is now preparing the application to the Court of Appeal.

Whilst the Company is reviewing options in light of the court ruling, the inability to be able to transport oil out of Licence 61 combined with this court ruling is increasingly leading to a challenging future for Stimul-T

Website

The Company has been experiencing connectivity issues with the server where its website is hosted. Work is ongoing with our IT consultants and the website hosting Company to resolve these issues. We anticipate these issues to be resolved shortly.

For further information, contact:


David Sturt, Chairman, PetroNeft Resources plc

+353 1 6470280

Brian Garrahy/Ciara Mongain, Davy (NOMAD and Corporate Broker)      

+353 1 679 6363

Paul O'Kane, Murray Consultants

+353 1 498 0300

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDFLFSLVLIDLIV ]]>
TwitterFacebookLinkedIn