Petroneft Resources PLC Financing Update (6283I)
15 Diciembre 2020 - 1:00AM
UK Regulatory
TIDMPTR
RNS Number : 6283I
Petroneft Resources PLC
15 December 2020
PetroNeft Resources plc
15(th) December 2020
PetroNeft Resources plc ('PetroNeft' 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 is pleased to provide the
following financing update.
Petrogrand 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. During 2019, the parties
further agreed to an increase in the facility by US$500,000 to
US$2.5 million and a revised maturity date of 15 December 2020.
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 2022.
The company is now pleased to announce that it has reached
agreement with Petrogrand to further extend the loan under the
following terms:
-- Extension to the Maturity date to 15(th) December 2021 at the same interest rate.
-- Ten percent of the loan amount to be repaid in six equal
instalments from July through to December 2021.
-- Further extension possible to 15(th) December 2022 on payment
of a further 10% of outstanding loan amount by 15(th) December
2021
-- Extension to the bonus payments timing by up to two years to 31(st) December 2024.
As previously disclosed, due to Petrogrand being an associate
(as defined in the AIM Rules and Euronext Growth Market Rules) of
Mr Maxim Korobov, 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, 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.
David Golder, Chairman of PetroNeft Resources plc,
commented:
"We are very pleased to have secured an extension in this
facility after such a challenging year. This further enables the
company to continue to focus on improving performance of its
assets, particularly at a time when Licence 67 is transforming from
an exploration to a production asset which will deliver cash flow
to the business. We are grateful for and reassured by the
confidence and support shown by Petrogrand in our performance and
future plans for our assets."
For further information, contact:
+971 55 1919
David Sturt, CEO, PetroNeft Resources plc 808
+353 1 679
John Frain/Brian Garrahy, Davy (NOMAD and Broker) 6363
+353 1 498
Joe Heron/Douglas Keatinge, Murray Consultants 0300
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END
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