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PTR.GB PetroNeft Resources Plc

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Share Name Share Symbol Market Type Share ISIN Share Description
PetroNeft Resources Plc AQSE:PTR.GB Aquis Stock Exchange Ordinary Share IE00B0Q82B24
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.075 0.00 -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Petroneft Resources PLC Company Update (3986T)

17/03/2023 11:44am

UK Regulatory (RNS & others)

PetroNeft Resources (AQSE:PTR.GB)
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From Sep 2022 to Sep 2023

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RNS Number : 3986T

Petroneft Resources PLC

17 March 2023

PetroNeft Resources plc

17(th) March 2023

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


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.


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


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    +353 1 679 
  Broker)                                                   6363 
                                                           +353 1 498 
 Paul O'Kane, Murray Consultants                            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) Dow Jones Newswires

March 17, 2023 07:44 ET (11:44 GMT)

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