REG - Petroneft Resources - Company Update

Petroneft ResourcesAnnouncement

21/12/2023 07:15

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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                                +353 1 6470280
 Brian Garrahy/Ciara Mongain, Davy (NOMAD and Euronext Adviser)              +353 1 679 6363
 Paul O'Kane, Murray Consultants                                             +353 1 498 0300

 

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