Petroneft Resources PLC Completion of Acquisition (4108R)
08 Marzo 2021 - 01:00AM
UK Regulatory
TIDMPTR
RNS Number : 4108R
Petroneft Resources PLC
08 March 2021
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PetroNeft Resources plc
8(th) March 2021
PetroNeft Resources plc ('PetroNeft' or 'the Company')
Completion of Acquisition
PetroNeft (AIM: PTR) an oil & gas exploration and production
company, operating in the Tomsk Oblast, Russian Federation, is
pleased to announce that the acquisition of an additional 40%
interest In Licence 67 from Belgrave Naftogas (formerly Arawak
Russia B.V.) has now completed and therefore PetroNeft's interest
in this licence has risen from 50% to 90%. PetroNeft also has a 50%
operated interest in Licence 61.
Licence 67 contains two oil fields, Ledovoye and Cheremshanskoye
and several exploration prospects. In 2016 Rhyder Scott calculated
2P reserves for the Ledovoye field of 14 mmbbls and 3P reserves of
17.4 mmbbls. In 2019 and following the successful C-4 well, the
Russian State Reserves Committee approved C1+C2 reserves
(approximately equivalent to International 2P reserves) for the
Cheremshanskoye field of 19.2 mmbbls. This qualifies the field for
a small field partial exemption of the state Mineral Extraction
Tax.
Consideration for the acquisition is US$2.9 million which has
been satisfied through the Issuance of 80,000,000 PetroNeft
ordinary shares ("New Ordinary Shares") to Belgrave Naftogas for a
value of US$1.2 million and cash consideration of US$1.7 million,
which will be financed through a 3 year loan from Belgrave Naftogas
to PetroNeft.
Alastair McBain, chairman of PetorNeft, is also a Director of
Belgrave Naftogas which is a wholly owned subsidury of Sarum Energy
Ltd., where Alastair holds a 72% interest. His direct and indirect
shareholding in PetroNeft will increase to 92,698,500 orindary
shares representing a 10.08% interest in the Company. In addition,
Mr McBain has a US$550,000 interest in the $2.9m Convertible Loan
Facility annoucned on 17 February 2021, where the lenders can elect
at any time to convert up to 75% of the outstanding loan to shares
at a conversion price of stgGBP0.02 in year 1 and stgGBP0.025 in
year 2.
Application will be made to the London Stock Exchange and
Euronext Dublin for the 80,000,000 PetroNeft ordinary shares to be
admitted to trading on AIM and Euronext Growth. It is expected that
admission to trading on each exchange will become effective and
that dealings in the New Ordinary Shares will commence on AIM and
Euronext Growth at 8.00 a.m. on 12 March 2021.
The total issued share capital of the Company, as increased by
the New Ordinary Shares, will be 919,356,740 Ordinary Shares.
David Sturt, CEO PetroNeft commented:
"Licence 67 is an asset which we believe has significant
potential value for PetroNeft shareholders. Over the last two years
our understanding of this licence has improved considerably and we
are delighted to be bringing it into production. With oil prices
improving and a favorable tax treatment for this licence, we see
this as an investment which can deliver significant value at low
cost
We look forward to being able to update shareholders further as
our operational plan unfolds."
For further information, contact:
+44 7903 869
David Sturt, CEO, PetroNeft Resources plc 6-8
John Frain/Caroline Pearson, Davy (NOMAD and Joint +353 1 679
Broker) 6363
+353 1 498
Joe Heron / Douglas Keatinge, Murray Consultants 0300
Glossary
2P Proven and Probable reserves under the Society
of Petroleum Engineers Petroleum Reserves Management
System
mmbbls Million barrels
------------------------------------------------------
C1 + C2 Russian State Reserves C1 + C2, equivalent
to 2P (Proven and Probable)
------------------------------------------------------
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END
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March 08, 2021 02:00 ET (07:00 GMT)
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