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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Petroneft Resources Plc | LSE:PTR | London | Ordinary Share | IE00B0Q82B24 | ORD EUR0.01 (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.085 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPTR
RNS Number : 0676C
Petroneft Resources PLC
17 January 2018
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
17 January 2018
PetroNeft Resources plc
("PetroNeft" or the "Group" or the "Company")
Financing Update
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 provide a financing update.
Highlights
-- US$2 million loan agreed with Petrogrand AB -- Operations - Winter production from Sibkrayevskoye is getting underway
Loan facility
PetroNeft has agreed a loan facility for up to US$2 million with Swedish company Petrogrand AB ("Petrogrand"). The loan matures on 31 December 2018. The loan facility will be used for general corporate purposes and to finance a potential drilling programme in 2018. Discussions with partners on a 2018 drilling programme are ongoing. This loan facility will provide time and space for a more long-term financing solution to be put in place.
Due to Petrogrand being an associate (as defined in the AIM Rules and ESM Rules) of Mr Maxim Korobov, a PetroNeft director, the loan facility is considered to be a related party transaction under the AIM Rules and ESM Rules. The directors of the Company, other than Maxim Korobov, having consulted the Company's nominated advisor and ESM adviser, consider the terms of the loan facility to be fair and reasonable insofar as the Company's shareholders are concerned.
Operations
Winter production from Sibkrayevskoye is getting underway now that winter roads have become available. We will update shareholders in due course on production for Q4-2017 and on the results achieved from the winter production programme.
For further information, contact:
Dennis Francis, CEO, PetroNeft Resources +1 713 988 plc 2500 Paul Dowling, CFO, PetroNeft Resources +353 1 647 plc 0280 John Frain/Brian Garrahy, Davy (NOMAD, +353 1 679 ESM Adviser and Joint Broker) 6363 Henry Fitzgerald-O'Connor, Canaccord +44 207 Genuity Limited (Joint Broker) 523 8000 +353 1 498 Joe Heron / Douglas Keatinge, Murray 0300
The information contained in this announcement has been reviewed and verified by Mr. Dennis Francis, Director and Chief Executive Officer of PetroNeft, for the purposes of the Guidance Note for Mining and Oil & Gas Companies issued by the London Stock Exchange in June 2009. Mr. Francis holds a B.S. Degree in Geophysical Engineering and a M.S. Degree in Geology from the Colorado School of Mines. He has also graduated from the Harvard University Program for Management Development. He is a member of the American Association of Petroleum Geologists and the Society of Exploration Geophysicists. He has over 40 years' experience in oil and gas exploration and development.
This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation and is disclosed in accordance with the Issuer's obligations under Article 17 of the Market Abuse Regulations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
January 17, 2018 02:00 ET (07:00 GMT)
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