PetroNeft: Financing Update

PetroNeft an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licenses 61 and 67, is pleased to provide the following financing update:

In June 2019 PetroNeft agreed a convertible loan facility of US$1.3 million with a group of five lenders. The convertible loan matured on 31^st December 2020 however discussions have been ongoing to secure a one year extension to the maturity date. Whilst those discussions are ongoing we are confident that we will be able to announce a successful outcome shortly.