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Regulatory Story
Company Petroneft Resources PLC
TIDM PTR
Headline Financing Update
Released 08:38 02-Jan-2019
Number 9138L08

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 plc      

+1 713 988 2500

Paul Dowling, CFO, PetroNeft Resources plc     

+353 1 647 0280

John Frain/Brian Garrahy, Davy (NOMAD, ESM Adviser and Joint Broker)                               

+353 1 679 6363

Henry Fitzgerald-O'Connor, Canaccord Genuity Limited (Joint Broker)  

+44 207 523 8000

Joe Heron / Douglas Keatinge, Murray

+353 1 498 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.

 


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