REG - Petroneft Resources - Company Update

Petroneft ResourcesAnnouncement

11/05/2023 07:00

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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 under
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
 Brian Garrahy/Ciara Mongain, Davy (NOMAD and Corporate Broker)  +353 1 679 6363

 Paul O'Kane, Murray Consultants                                 +353 1 498 0300

 

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