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RNS Number : 6392D

Petroneft Resources PLC

21 October 2022

PetroNeft Resources plc

21(st) Oct 2022

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

Board Changes

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

Key Points

-- Alastair D. McBain has resigned as Non-Executive Chairman of the board with immediate effect.

-- Pavel Tetyakov has been appointed as Chief Executive officer and David C Sturt has taken up the role of Executive Chairman.

Alastair was appointed to the PetroNeft board initially as Non-Executive Director on 31(st) January 2021 and then assumed the role of Chairman on 21(st) February 2021.

Through these challenging times the board has decided to provide continuity to the management of the Company. Pavel Tetyakov who has been an Executive Director and Senior Vice President of New Business will assume the role of Chief Executive Officer and David Sturt, formerly Chief Executive Officer will assume the role of Executive Chairman with immediate effect.

David Sturt, Chairman of PetroNeft Resources plc, commented:

"I want to thank Alastair for his leadership, vision & guidance which was greatly appreciated. I wish him well in his future endeavours.I together with the other members of the board, look forward to working with Pavel in leading the management of the Company through these most difficult times."

For further information, contact:

 
 
                                                   +353 1 647 
 Pavel Tetyakov, CEO, PetroNeft Resources plc       0280 
 Brian Garrahy/Ciara O'Mongain, Davy (NOMAD and    +353 1 679 
  Joint Broker)                                     6363 
                                                   +353 1 498 
 Paul O'Kane, Murray Consultants                    0300

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October 21, 2022 02:00 ET (06:00 GMT)

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