Finance Update

RNS Number : 5574Y

Petroneft Resources PLC

17 January 2022

 

PetroNeft Resources plc

17^th January 2022

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

Finance Update

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 90% owner and operator of Licence 67 and 50% owner and operator of Licence 61 provides the following financing update.

Petrogrand Loan facility  

On 15^th December 2021 PetroNeft announced that it had met all contractual obligations, including the payment of $574,430 (representing 20% of the principal sum outstanding), and the payment of the  associated interest for fiscal 2021.  The reduced principal amount of $2.3 million, has enabled the Company to extend the facility by a further 12 months to 15^th December 2022. 

At the same time PetroNeft has been looking at all options to see if it would be in shareholders' best interest to re finance the loan. After detailed negotiations with various parties we have decided that it is in the best interests of shareholders to continue with the facility as is. We will continue to explore financing alternatives, with a view to securing terms and conditions, which are in PetroNeft's Shareholders best interests.

 For further information, contact:

David Sturt, CEO, PetroNeft Resources plc	[phone]
John Frain/Ciara O'Mongain, Davy (NOMAD and Broker)	[phone]
Joe Heron/Douglas Keatinge/Joe o Kane, Murray Consultants	[phone]

 

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