Petroneft Resources PLC Financing Update (5070T)
21 Marzo 2019 - 1:00AM
UK Regulatory
TIDMPTR
RNS Number : 5070T
Petroneft Resources PLC
21 March 2019
21 March 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 parties have agreed an
increase in the facility by US$500,000 to US$2.5 million and a
revised maturity date of 15 December 2019 (which may be extended by
mutual consent of the parties). The revised terms include the
potential entitlement to bonus payments of US$2.5 million per
Licence if either or both Licence 61 or Licence 67 are sold before
31 December 2020.
As previously disclosed, due to Petrogrand being an associate
(as defined in the AIM Rules and Euronext Growth Market Rules) of
Mr Maxim Korobov, a PetroNeft director, the loan facility is
considered to be a related party transaction under the AIM Rules
and Euronext Growth Market Rules. The directors of the Company,
other than Maxim Korobov, having consulted the Company's nominated
advisor and Euronext Growth Market adviser, consider the terms of
the loan facility to be fair and reasonable insofar as the
Company's shareholders are concerned.
For further information, contact:
Karl Johnson, Interim CEO, PetroNeft Resources +1 713 988
plc 2500
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
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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END
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