Petroneft Resources PLC Financing Update (0676C)
January 17 2018 - 1:00AM
UK Regulatory
TIDMPTR
RNS Number : 0676C
Petroneft Resources PLC
17 January 2018
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
17 January 2018
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.
Highlights
-- US$2 million loan agreed with Petrogrand AB
-- Operations - Winter production from Sibkrayevskoye is getting underway
Loan facility
PetroNeft has agreed a loan facility for up to US$2 million with
Swedish company Petrogrand AB ("Petrogrand"). The loan matures on
31 December 2018. The loan facility will be used for general
corporate purposes and to finance a potential drilling programme in
2018. Discussions with partners on a 2018 drilling programme are
ongoing. This loan facility will provide time and space for a more
long-term financing solution to be put in place.
Due to Petrogrand being an associate (as defined in the AIM
Rules and ESM Rules) of Mr Maxim Korobov, a PetroNeft director, the
loan facility is considered to be a related party transaction under
the AIM Rules and ESM Rules. The directors of the Company, other
than Maxim Korobov, having consulted the Company's nominated
advisor and ESM adviser, consider the terms of the loan facility to
be fair and reasonable insofar as the Company's shareholders are
concerned.
Operations
Winter production from Sibkrayevskoye is getting underway now
that winter roads have become available. We will update
shareholders in due course on production for Q4-2017 and on the
results achieved from the winter production programme.
For further information, contact:
Dennis Francis, CEO, PetroNeft Resources +1 713 988
plc 2500
Paul Dowling, CFO, PetroNeft Resources +353 1 647
plc 0280
John Frain/Brian Garrahy, Davy (NOMAD, +353 1 679
ESM Adviser and Joint Broker) 6363
Henry Fitzgerald-O'Connor, Canaccord +44 207
Genuity Limited (Joint Broker) 523 8000
+353 1 498
Joe Heron / Douglas Keatinge, Murray 0300
The information contained in this announcement has been reviewed
and verified by Mr. Dennis Francis, Director and Chief Executive
Officer of PetroNeft, for the purposes of the Guidance Note for
Mining and Oil & Gas Companies issued by the London Stock
Exchange in June 2009. Mr. Francis holds a B.S. Degree in
Geophysical Engineering and a M.S. Degree in Geology from the
Colorado School of Mines. He has also graduated from the Harvard
University Program for Management Development. He is a member of
the American Association of Petroleum Geologists and the Society of
Exploration Geophysicists. He has over 40 years' experience in oil
and gas exploration and development.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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