Petroneft Resources PLC Company Update (5374X)

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RNS Number : 5374X

Petroneft Resources PLC

21 December 2023

PetroNeft Resources plc

21 December 2023

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

COMPANY UPDATE

PetroNeft provides the following update on the Company's position:

Highlights

-- Awaiting final sanction from the authorities in Russia for the disposal of the Company's Russian assets.

-- The Company has been unable to appoint an auditor for the 2022 audit which will result in trading of the Company's shares on the AIM and Euronext Growth markets being cancelled on 31 December 2023.

Background

On 14 June 2023, and subsequently, on 1 August 2023, PetroNeft announced that it had reached agreement for the sale of its Russian business interests to Pavel Tetyakov, CEO of PetroNeft. Shareholders approved the disposal of the Company's Russian business interests to Pavel Tetyakov, CEO of PetroNeft at the EGM on 12 October. Whilst all agreements are finalised, the Company still awaits final approval from the Russian government committee to enable the transaction to proceed.

The Company had originally hoped that the sale of its Russian assets would occur in sufficient time to provide capital and time to source an auditor in respect of the Company's financial statements for the financial year ended 31st December 2022. However due to ongoing delays regarding the completion, the Company has been unable to secure the services of an auditor and it is therefore with regret that the Company will be unable to publish the 2022 Annual Report by 31 December 2023. Consequently, the admission of the Company's ordinary shares to trading on AIM and Euronext Growth will be cancelled on or around 2 January 2024.

The Board and Management will continue to work to close the disposal of the Company's Russian assets in a timely fashion. Following closing of the sale, the proceeds will be used for full and final settlement of loan amounts outstanding pursuant to updated loan agreements, and the residual funds will be used to settle trade creditors and remaining staff salaries. Once payables have been satisfied, the Board will seek shareholder approval to close the Company through an orderly wind up.

For further information, contact:

 
 
 Pavel Tetyakov, CEO, PetroNeft Resources plc             [phone] 
 Brian Garrahy/Ciara Mongain, Davy (NOMAD and Euronext    +353 1 679 
  Adviser)                                                 6363 
                                                          +353 1 498 
 Paul O'Kane, Murray Consultants                           0300 
 

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December 21, 2023 02:00 ET (07:00 GMT)