Petroneft Resources PLC Financing Update (9138L)

TIDMPTR

RNS Number : 9138L

Petroneft Resources PLC

02 January 2019

2 January 2019

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, provides a financing update.

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. The loan matured on 31 December 2018, however discussions are ongoing to agree an extension and an increase to the facility. We will update shareholders in due course.

As previously disclosed, 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. In addition, Pavel Tetyakov, Chief Executive and director of Petrogrand, is also Vice-President of Business Development in PetroNeft and General Director, Stimul-T, the operator of Licence 61.

For further information, contact:

 
 Karl Johnson, Interim CEO, PetroNeft Resources           +1 713 988 
  plc                                                           2500 
                                                          +353 1 647 
 Paul Dowling, CFO, PetroNeft Resources plc                     0280 
 John Frain/Brian Garrahy, Davy (NOMAD, ESM Adviser       +353 1 679 
  and Joint Broker)                                             6363 
 Henry Fitzgerald-O'Connor, Canaccord Genuity Limited    [phone] 
  (Joint Broker)                                                8000 
                                                          +353 1 498 
 Joe Heron / Douglas Keatinge, Murray                           0300 
 

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 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 [e-mail] or visit www.rns.com.

END

MSCVLLBBKFFXBBE

(END) Dow Jones Newswires

January 02, 2019 03:38 ET (08:38 GMT)