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PTR Petroneft Resources Plc

0.085
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Petroneft Resources PLC Company Update (9939Y)

11/05/2023 7:00am

UK Regulatory


Petroneft Resources (LSE:PTR)
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From Mar 2023 to Mar 2024

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TIDMPTR

RNS Number : 9939Y

Petroneft Resources PLC

11 May 2023

PetroNeft Resources plc

11(th) May 2023

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

Company Update

Further to the announcement on 10(th) May regarding the voluntarily filing for bankruptcy administration in respect of Stimul-T LLC, PetroNeft (AIM: PTR) provides the following operational updates.

Licence 67 operations

The C-4 well at the Cheremshanskoye field in Licence 67 continues to produce without any material decline at rates of +/- 270 bopd. The well has produced in total almost 220,000 barrels of oil since being placed into production.

Strategic Asset Review

The sales process in respect of both Licences L61 and L67 is on-going with the Company being in active discussions with all stakeholders including potential acquirers. The bankruptcy filing of Stimul-T (owner and operator of Licence 61), as required under the Bankruptcy laws of the Russian Federation, clearly represents additional challenges for the Company during such a process.

The Company continues to be in negotiations with Petrogrand AB ("Petrogrand") and the holders of the 2019 Convertible Loans. The Company cannot predict the outcome of these negotiations and the Company will make further announcements in due course.

Audit Status

To date, the Company has been unable to source an auditor in respect of the Company's financial statements for the financial year ended 31(st) December 2022. Whilst the Company will continue to source an auditor, it is becoming clear that the Company will not be able to submit audited accounts for 2022 by the required deadline of the 30(th of) June 2023 under the u nder the rules of AIM and Euronext Growth . This is a rather unfortunate consequence of owning and managing assets within the Russian Federation in the current environment. The likely consequence of not publishing audited accounts by 30(th) June 2023 is that the Company's ordinary shares will be suspended from trading until such time as the situation can be resolved.

For further information, contact:

 
 
 Pavel Tetyakov, CEO, PetroNeft Resources plc              +353 1 6470280 
                                                           +353 1 679 
 Brian Garrahy/Ciara Mongain, Davy (NOMAD and Corporate     6363 
  Broker)                                                   +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

UPDSFIFLSEDSEFI

(END) Dow Jones Newswires

May 11, 2023 02:00 ET (06:00 GMT)

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