PetroNeft Resources: Company Update 11th May 2023
Further to the announcement on 10th May regarding the voluntarily filing for bankruptcy administration in respect of Stimul-T LLC, PetroNeft (AIM: PTR) provides the following operational updates.
Licence 67 operations
The C-4 well at the Cheremshanskoye field in Licence 67 continues to produce without any material decline at rates of +/- 270 bopd. The well has produced in total almost 220,000 barrels of oil since being placed into production.
Strategic Asset Review
The sales process in respect of both Licences L61 and L67 is on-going with the Company being in active discussions with all stakeholders including potential acquirers. The bankruptcy filing of Stimul-T (owner and operator of Licence 61), as required under the Bankruptcy laws of the Russian Federation, clearly represents additional challenges for the Company during such a process.
The Company continues to be in negotiations with Petrogrand AB (“Petrogrand”) and the holders of the 2019 Convertible Loans. The Company cannot predict the outcome of these negotiations and the Company will make further announcements in due course.
Audit Status
To date, the Company has been unable to source an auditor in respect of the Company’s financial statements for the financial year ended 31st December 2022. Whilst the Company will continue to source an auditor, it is becoming clear that the Company will not be able to submit audited accounts for 2022 by the required deadline of the 30th of June 2023 under the under the rules of AIM and Euronext Growth. This is a rather unfortunate consequence of owning and managing assets within the Russian Federation in the current environment. The likely consequence of not publishing audited accounts by 30th June 2023 is that the Company’s ordinary shares will be suspended from trading until such time as the situation can be resolved.
