PTR Petroneft Resources Plc

TIDMPTR

RNS Number : 4626L

Petroneft Resources PLC

05 September 2023

PetroNeft Resources plc

5 September 2023

PetroNeft Resources plc ('PetroNeft' or 'the Company')

COMPANY UPDATE

PetroNeft announces that loan settlement agreements have been concluded with the remaining debt finance holders as reported below.

Background

Following on from the signing of a loan settlement agreement with Petrogrand ("Petrogrand Loan Settlement") announced on 2(nd) August, the Company has concluded further debt settlement agreements with all parties to the Company's remaining three term loan facilities.

 
 Debt Type                  Balance       Concession          Concession      Cash Settlement 
                                -       % (on Principal)    % (on Interest)       (US$ M) 
                             (US$ M) 
 2019 Convertible 
  notes                       0.63            90%                100%              0.05 
                           ---------  ------------------  -----------------  ---------------- 
 2021 Convertible 
  notes                       1.29            90%                100%              0.10 
                           ---------  ------------------  -----------------  ---------------- 
 Convertible loan 
  from Belgrave Naftogas 
  B.V.                        1.07            90%                100%              0.08 
                           ---------  ------------------  -----------------  ---------------- 
 Total                        2.99           90.0%               100%              0.23 
                           ---------  ------------------  -----------------  ---------------- 
 

The terms of the loan settlement agreements are:

-- PetroNeft to pay US$0.23M representing 10% of outstanding principal of US$2.3M within seven days of receiving funds from the sale of Lineynoye LLC (owner of Licence 67).

   --    Lenders will waive 100% of the accumulated interest (US$0.69M). 

-- The cash settlement amounts will be amended for any withholding tax deducted at source in Russia and any adverse Rouble/Dollar exchange movements.

-- The loan agreements are conditional on the successful closure of the sale of Lineynoye LLC. PetroNeft announced on 14th June 2023 that it had entered into a non-binding conditional Heads of Terms to sell its entire interest in Lineynoye LLC, the subsidiary through which the Company holds its interest in Licence 67, to Pavel Tetyakov (CEO of PetroNeft).

These agreements , together with the Petrogrand Loan Settlement, reduce the outstanding debt as of 30(th) June 2023 from US$5.64m to US$0.92M.

Natlata Partners Limited holds c. US$196,000 and US$138,000 of the 2019 Convertible notes and 2021 Convertible notes respectively. Natlata Partners Limited is a major shareholder of PetroNeft. Consequently, this aspect of the debt restructuring when aggregated with the Petrogrand Loan Settlement constitutes a related party transaction pursuant to the AIM and Euronext Growth Rules.

The directors of the Company, having consulted the Company's nominated advisor and Euronext Growth adviser, consider the terms of the loan settlement agreement with Natlata Partners Limited to be fair and reasonable insofar as the Company's independent shareholders are concerned.

For further information, contact:

 
 
 Pavel Tetyakov, CEO, PetroNeft Resources plc             +353 1 6470280 
 Brian Garrahy/Ciara Mongain, Davy (NOMAD and Euronext    +353 1 679 
  Adviser)                                                 6363 
                                                          +353 1 498 
 Paul O'Kane, Murray Consultants                           0300 
 

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END

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September 05, 2023 11:00 ET (15:00 GMT)

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