PetroNeft: Conversion of Debt

PetroNeft 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 is pleased to provide a financing update.

Highlights

Loan facility

PetroNeft previously secured a convertible loan agreement, it being:

The conversion of this debt to shares will result in the outstanding debt principal under these agreements being reduced from $1.083 million to $1.046 million and will result in an increase in the total number of issued shares in the Company from 1,070,397,358 to 1,071,792,613.  All shares are being issued at a premium to the share price on the date that the terms of the agreements were announced.

An application will be made to the London Stock Exchange and Euronext Dublin for the 1,395,255 PetroNeft ordinary shares to be admitted to trading on AIM and Euronext Growth. It is expected that admission to trading on each exchange will become effective and that dealings in the new ordinary shares will commence on AIM and Euronext Growth at 8.00 a.m. on 14 December 2021.