RNS Number : 5350M

Petroneft Resources PLC

22 January 2021


22(nd) January 2021

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, is pleased to provide a financing update.

Convertible Loan facility

In June 2019 PetroNeft agreed a convertible loan facility of US$1.3 million with a group of five lenders. The convertible loan matured on 31(st) December 2020. The Company is now pleased to announce that it has reached agreement with the five lenders to extend the term of the loan under the following terms:

   --    Extension to the Maturity date from 31(st) December 2020 to 31(st) December 2021. 
   --    Interest rate to remain at 8% above LIBOR. 
   --    Convertible right to remain at 65% of the loan amount. 

The loan was provided by a group of five investors. Three of the investors are related parties (as defined in the AIM Rules and Euronext Growth Market Rules). Details of the amounts that was originally provided by the related parties are outlined in the table below. The directors of the Company, other than Daria Shaftelskaya and David Sturt, having consulted with the Company's Nominated Advisor and Euronext Growth Market adviser, consider the terms for the extension of the loan facility to be fair and reasonable insofar as the Company's shareholders are concerned.

                      Amount provided 
   Lender                       (US$)     Relationship 
 Natlata Partners             560,000   Substantial shareholder 
                     ----------------  ----------------------------------- 
 Daria Shaftelskaya           240,000   PetroNeft Director and Substantial 
                                         shareholder of PetroNeft 
                     ----------------  ----------------------------------- 
 David Sturt                   50,000   PetroNeft CEO & Director 
                     ----------------  ----------------------------------- 

For further information, contact:

                                                       +971 55 1919 
 David Sturt, PetroNeft Resources plc                           808 
 John Frain/Caroline Pearson, Davy (NOMAD, Euronext      +353 1 679 
  Growth Market Adviser and Broker)                            6363 
                                                         +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) Dow Jones Newswires

January 22, 2021 02:00 ET (07:00 GMT)