Petroneft Resources PLC $2.9m Convertible Loan Facility (3142P)
17 Febrero 2021 - 1:00AM
UK Regulatory
TIDMPTR
RNS Number : 3142P
Petroneft Resources PLC
17 February 2021
February 17 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
PetroNeft Resources plc
("PetroNeft" or the "Group" or the "Company")
$2.9m Convertible Loan Facility
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.
Highlights
-- New $2.9m convertible loan facility providing greater headroom to develop value.
Loan facility
PetroNeft has entered into a convertible loan facility of US$2.9
million with a group of thirteen lenders that matures in March
2023.
The loan facility will be used for general corporate and ongoing
operational purposes and carries an interest rate of 8% above the
base rate of the Bank of England. 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.
The funding secured by the Company will support our key
operational priorities which are expected to deliver considerable
news flow in the near to medium term, these priorities include:
-- Licence 67; bringing the Cheremshanskoye field on stream for
year round production and completing the infield infrastructure
work including the all season road. Mobilising to the Ledovoye
field to carry out a work over program aimed at proving up well
productivity to enable field production. Continuing to improve our
knowledge and understanding of the two fields to optimise the
capital allocation model for future development plans.
-- Licence 61; continuing to improve production performance
through selected low capital but high reward projects such as the
current fracking program and optimisation of water flood programs
at the fields. The Company is also focused on analysing ways to
unlock the significant potential within the northern hub complex
being the West Lineynoye and Sibkrayevskoye fields, and the large
Emtorskaya prospect.
The loan is being provided by a group of thirteen investors.
Five of the investors are related parties (as defined in the AIM
Rules and Euronext Growth Market Rules). Details of the amounts
being provided by the related parties are outlined in the table
below. Accordingly, Daria Shaftelskaya and Domenic Anthony Sacca,
acting as Independent Directors, 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.
Related Party Amount
Lender provided
US$
Natlata Partners
Ltd 550,000
----------
ADM Consulting
FZE
(Alastair McBain) 550,000
----------
David Golder 26,328
----------
David Sturt 300,482
----------
Pavel Tetyakov 118,209
----------
David Sturt, CEO of PetroNeft Resources plc, commented:
"We are pleased with this fundraising which includes
participation by new investors and demonstrates the continued
support from our larger shareholders as we continue to rebuild
value in the business.
This two-year facility provides additional financing head room
to the Company and allows management to further focus on operations
as we continue to improve the performance of our assets and deliver
value to our shareholders. Not only does this give greater
security, it allows management to further focus on development and
operations."
For further information, contact:
+44 7903 869
David Sturt, CEO, PetroNeft Resources plc 608
+353 1 679
John Frain/Caroline Pearson, Davy (NOMAD and Broker) 6363
-------------
+353 1 498
Joe Heron / Douglas Keatinge, Murray Consultants 0300
-------------
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