Petroneft Resources PLC Initial thoughts from New CEO (5024V)
09 Abril 2019 - 1:00AM
UK Regulatory
TIDMPTR
RNS Number : 5024V
Petroneft Resources PLC
09 April 2019
PetroNeft Resources plc
9(th) April 2019
PetroNeft Resources plc ('PetroNeft' or 'the Company')
Initial thoughts from New Chief Executive Officer
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, is pleased to provide the
initial thoughts from the new Chief Executive Officer ("CEO") David
Sturt.
"I have now been in my new position as CEO for just over two
weeks and thought it would be an appropriate time to update you on
my initial thoughts.
Since commencing my executive role, I have spent time in Tomsk
with our staff reviewing the organization and its assets. Although
the Company is facing some challenges, I believe there is clearly
very significant potential and value in the Company's assets that
we will seek to exploit. This potential has been demonstrated by
our recent success at Licence 67, which will further increase our
reserves. While past performance has been mixed, some significant
operational lessons have been learnt and as we look to improve the
Company's performance we will be sure to integrate these into our
operational plans.
Fortunately the management team is not new to me as I have spent
the past three years as a non-executive director of the Company,
developing familiarity with the business and assets. In addition, I
have worked closely with our VP Business Development - Pavel
Tetyakov for many years - initially with PetroKazakhstan where I
had responsibility for driving forward an aggressive successful
Exploration and Appraisal program and then later in building
Exillon Energy from scratch to a full London Stock Exchange listing
in 2009. In our Tomsk office we have already moved to strengthen
our existing team, adding experienced personnel in the Technical
and Financial disciplines to improve the Company's performance
whilst simultaneously ensuring a very tight control on costs.
During 2018 we engaged a financial advisor with the aim to test
the market for both of our licences. This process is ongoing and I
am very pleased with the level of interest and the calibre of
companies that we are currently talking to. Over the past twelve
months the asset acquisition market in Russia has seen increased
activity, especially for the larger domestic companies. This gives
us reason for optimism about a positive outcome.
Having spoken to investors in the past, one persistent theme
that comes through is the desire for the company to communicate
more proactively with its investors and the market, as the new CEO
this is something that I am committed to achieving. You will see
more developments in this regard in the coming weeks and
months.
Finally, I would just like to thank Karl Johnson for stepping up
to the position of interim CEO enabling a smooth transition.
I look forward to updating shareholders over the coming months
on our strategic and operational plan."
For further information, contact:
David Sturt, CEO, PetroNeft Resources plc +971 919 808
John Frain/Brian Garrahy, Davy (NOMAD and Joint +353 1 679
Broker) 6363
Henry Fitzgerald-O'Connor, Canaccord Genuity Limited +44 207 523
(Joint Broker) 8000
+353 1 498
Joe Heron / Douglas Keatinge, Murray Consultants 0300
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END
MSCUGUAWCUPBGMR
(END) Dow Jones Newswires
April 09, 2019 02:00 ET (06:00 GMT)
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