Petroneft Resources PLC Financing Update (9138L)
02 January 2019 - 7:38PM
UK Regulatory
TIDMPTR
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 +1 713 988
plc 2500
+353 1 647
Paul Dowling, CFO, PetroNeft Resources plc 0280
John Frain/Brian Garrahy, Davy (NOMAD, ESM Adviser +353 1 679
and Joint Broker) 6363
Henry Fitzgerald-O'Connor, Canaccord Genuity Limited +44 207 523
(Joint Broker) 8000
+353 1 498
Joe Heron / Douglas Keatinge, Murray 0300
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accordance with the Issuer's obligations under Article 17 of the
Market Abuse Regulations.
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END
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