Aankondiging • Jun 15
Pavel Tetyakov completed the acquisition of Lineynoye LLC from PetroNeft Resources plc (ISE:P8ET) and Belgrave Naftogas BV. Pavel Tetyakov entered into a non-binding conditional Heads of Terms to acquire Lineynoye LLC from PetroNeft Resources plc (ISE:P8ET) and Belgrave Naftogas BV for RUB 210 million on June 14, 2023. Pavel Tetyakov entered into a agreement to acquire Lineynoye LLC from PetroNeft Resources plc (ISE:P8ET) and Belgrave Naftogas BV on August 1, 2023. PetroNeft owns 90% of Lineynoye with the remaining equity being owned by Belgrave Naftogas. The Proposed Disposal is subject, inter alia, to the execution of a formal binding sales and purchase agreement. If agreed, the Proposed Disposal would be subject to all applicable corporate and government approvals, as well as approval of independent shareholders of the Company under AIM and Euronext Growth Rules. As of September 18, 2023, PetroNeft announced notice of an Extraordinary General Meeting ('EGM') where a resolution will be put before shareholders to approve the proposed disposal of PetroNeft's Russian business and assets. Brian Garrahy and Ciara O'Mongain of Davy Corporate Finance Limited acted as financial advisors to the independent directors of PetroNeft Resources. As on October 12, 2023, Shareholders of the PetroNeft Resources agreed on the sale. The Expected Completion of the Proposed Disposal will be on November 30, 2023.
Pavel Tetyakov completed the acquisition of Lineynoye LLC from PetroNeft Resources plc (ISE:P8ET) and Belgrave Naftogas BV for RUB 210 million on June 14, 2024, which is an estimated completion date. Aankondiging • Dec 22
The Admission of PetroNeft Resources plc's Ordinary Shares to Trading on AIM and Euronext Growth to Be Cancelled on or Around 2 January 2024 On 14 June 2023, and subsequently, on 1 August 2023, PetroNeft Resources plc announced that it had reached agreement for the sale of its Russian business interests to Pavel Tetyakov, CEO of PetroNeft. Shareholders approved the disposal of the Company's Russian business interests to Pavel Tetyakov, CEO of PetroNeft at the EGM on 12 October. Whilst all agreements are finalised, the Company still awaits final approval from the Russian government committee to enable the transaction to proceed. The Company had originally hoped that the sale of its Russian assets would occur in sufficient time to provide capital and time to source an auditor in respect of the Company's financial statements for the financial year ended 31st December 2022. However due to ongoing delays regarding the completion, the Company has been unable to secure the services of an auditor and it is therefore with regret that the Company will be unable to publish the 2022 Annual Report by 31 December 2023. Consequently, the admission of the Company's ordinary shares to trading on AIM and Euronext Growth will be cancelled on or around 2 January 2024. The Board and Management will continue to work to close the disposal of the Company's Russian assets in a timely fashion. Following closing of the sale, the proceeds will be used for full and final settlement of loan amounts outstanding pursuant to updated loan agreements, and the residual funds will be used to settle trade creditors and remaining staff salaries. Once payables have been satisfied, the Board will seek shareholder approval to close the Company through an orderly wind up. Board Change • Jun 30
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Eskil Jersing was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Jun 15
Pavel Tetyakov entered into a non-binding conditional Heads of Terms to acquire LLc Lineynoye from PetroNeft Resources plc (ISE:P8ET) and Belgrave Naftogas BV for RUB 210 million. Pavel Tetyakov entered into a non-binding conditional Heads of Terms to acquire LLc Lineynoye from PetroNeft Resources plc (ISE:P8ET) and Belgrave Naftogas BV for RUB 210 million on June 14, 2023. PetroNeft owns 90% of Lineynoye with the remaining equity being owned by Belgrave Naftogas. The Proposed Disposal is subject, inter alia, to the execution of a formal binding sales and purchase agreement. If agreed, the Proposed Disposal would be subject to all applicable corporate and government approvals, as well as approval of independent shareholders of the Company under AIM and Euronext Growth Rules. Brian Garrahy and Ciara O'Mongain of Davy Corporate Finance Limited acted as financial advisors to the independent directors of PetroNeft Resources. Board Change • Jun 09
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Eskil Jersing was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • May 15
Now 54% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €0.0011, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 62% over the last 3 years. Earnings per share has grown by 37%. Buying Opportunity • Apr 19
Now 54% undervalued Over the last 90 days, the stock is up 100%. The fair value is estimated to be €0.0022, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 62% over the last 3 years. Earnings per share has grown by 37%. Buying Opportunity • Mar 29
Now 55% undervalued Over the last 90 days, the stock is up 100%. The fair value is estimated to be €0.0022, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 62% over the last 3 years. Earnings per share has grown by 37%. Buying Opportunity • Mar 11
Now 40% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €0.00084, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 62% over the last 3 years. Earnings per share has grown by 37%. Aankondiging • Feb 14
PetroNeft Resources Receives EoI for Russian Assets Further to the announcement by the Company on 25th November 2022 of the start of a strategic asset review, PetroNeft Resources plc (ISE:P8ET) now announced that the Company has received an expression of interest from Pavel Tetyakov (CEO of PetroNeft), that may or may not lead to an offer being made to acquire the Company's Russian assets. The Company has now constituted an independent committee, to review any offers and to consider all other viable options. It will seek an independent assessment of the fairness of any offer as part of its due process. The members of the committee will include, Mr. Sacca, Mr. Jersing, Mr. Sturt and Miss Shaftelskaya. Any sale of the Russian assets would be conditional on shareholder and other applicable regulatory approvals. There can be no certainty that a sale will take place. The Company will make further announcements in due course. Aankondiging • Dec 13
PetroNeft Resources plc, Annual General Meeting, Dec 29, 2022 PetroNeft Resources plc, Annual General Meeting, Dec 29, 2022, at 10:00 Coordinated Universal Time. Location: Clayton Hotel, Merrion Road, Ballsbridge, Dublin 4, D04 P3C3 Dublin United Kingdom Aankondiging • Nov 26
PetroNeft Resources plc Provides Update on Licence 67 Cheremshanskoye Development Drilling PetroNeft Resources plc provided update on Licence 67 Cheremshanskoye Development Drilling. The drilling of up to five development wells at the Cheremshanskoye field (Licence 67) has been delayed for the foreseeable future due to inability to secure financing for the program. Earlier this year the Company announced the award for the provision of drilling services at the Cheremshanskoye field, Licence 67, to the drilling company SSK. The Company has been working with a Russian domestic bank on the potential financing of a significant portion of the costs for this drilling program. Despite encouraging earlier communications, due to the on-going geopolitical situation, the bank is no longer able to provide a loan facility. The Company will continue to look for alternative financing avenues but at the same time recognising that this is likely to be particularly challenging under the current circumstances. All fields at Licence 61 remain shut in due to the on-going legal dispute with Nord Imperial LLC regarding storage and transfer of oil by pipeline from Licence 61 to the Transneft Entry point at Zavyalovo. Production at Licence 67 from the C-4 well on the Cheremshanskoye field remains stable at 303 bopd without any signs of decline and no water. The well has, since the start of production produced over 170,000 barrels of oil. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Eskil Jersing was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Nov 01
Now 38% undervalued after recent price drop Over the last 90 days, the stock is down 50%. The fair value is estimated to be €0.0024, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 62% over the last 3 years. Earnings per share has grown by 37%. Aankondiging • Oct 01
PetroNeft Resources plc Auditor Raises 'Going Concern' Doubt PetroNeft Resources plc filed its Annual on Sep 29, 2022 for the period ending Dec 31, 2021. In this report its auditor, BDO LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Reported Earnings • Sep 30
Full year 2021 earnings released: US$0.005 loss per share (vs US$0.005 loss in FY 2020) Full year 2021 results: US$0.005 loss per share (in line with FY 2020). Revenue: US$5.82m (up 243% from FY 2020). Net loss: US$4.87m (loss widened 7.2% from FY 2020). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Eskil Jersing was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Jan 18
PetroNeft Resources plc Provides Finance Update PetroNeft provided the following financing update. On 15th December 2021 PetroNeft announced that it had met all contractual obligations, including the payment of $574,430 (representing 20% of the principal sum outstanding), and the payment of the associated interest for fiscal 2021. The reduced principal amount of $2.3 million, has enabled the Company to extend the facility by a further 12 months to 15th December 2022. At the same time PetroNeft has been looking at all options to see if it would be in shareholders' best interest to re finance the loan. After detailed negotiations with various parties have decided that it is in the best interests of shareholders to continue with the facility as is. They will continue to explore financing alternatives, with a view to securing terms and conditions, which are in PetroNeft's Shareholders best interests. Reported Earnings • Oct 03
First half 2021 earnings released: US$0.002 loss per share (vs US$0.003 loss in 1H 2020) First half 2021 results: Net loss: US$2.21m (loss narrowed 19% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jun 25
Full year 2020 earnings released: US$0.005 loss per share (vs US$0.008 loss in FY 2019) Full year 2020 results: Net loss: US$4.54m (loss narrowed 25% from FY 2019). Oil reserves Proven reserves: 15.9 MMbbls Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 52% per year, which means it is well ahead of earnings. Aankondiging • Jun 08
Petroneft Resources plc Announces Licence 67 Operational Update Petroneft Resources plc announced operating in the Tomsk Oblast, Russian Federation, and 90% owner and operator of Licences 67 and 50% owner and operator of Licence 61 announced the following operational news. Production from the C-4 well on the Cheremshanskoye field remains strong with virtually no decline. The rate has also been increased from 300 bopd to 320 bopd by increasing the choke size to 10mm. Since bringing the field on stream at the end of February it has produced a total of over 27,000 bbls from the C-4 well through May. Production in May was over 9,000 bbls. The oil produced from this field benefits from a partial exemption of the Mineral Extraction Tax, with the continued improvement in oil price, this reduction in Mineral Extraction tax is estimated to now be over $4/bbl in May alone. The forward plan is to continue to monitor reservoir performance and at an appropriate time install a pump to optimise production and further increase revenue. The C-4 well, which is located on the northern margin of the Cheremshanskoye field, was drilled during 2018 and tested oil at a combined 179 bopd from Upper Jurassic J1-1 and J1-3 clastic reservoirs from 2,630.8 m to 2,633.8 m and 2,644 m to 2,655 m. The well was successfully re-entered in First Quarter 2020 to perform an extended well test. During this test, the well flowed at various choke sizes from the same Upper Jurassic J1-1 & J1-3 clastic reservoirs and flowed naturally at up to a maximum 476 bopd on a 10mm choke size. The L-2a well is located along the northern margin of the licence at the Ledovoye field. This L-2a well was drilled by the Company in 2011 and was designed to twin the successful L-2 well which was drilled in 1973 and flowed oil to surface during a short open hole test recovering 34.5 bbls of oil in 40 minutes, equivalent to more than 1,000 bopd. The L-2 well suffered from operational problems that prevented a cased hole test. At the time of drilling of the L-2a well (2011), 5 m of net oil pay was identified within the Upper Jurassic J1-1 and J1-2 reservoir intervals. The well flowed 8.3 m3/day (52 bopd) on a small 3 mm choke, but did not have a cased hole test, this being a requirement for reserves to be approved by GKZ (Russian State Reserves Committee) and for development of the field. The well was successfully re-entered in recent weeks and a liner cemented in place. The Upper Jurassic J1-1 and J1-2 intervals were perforated from 2645.5 m to 2627.5 m and 2630 m to 2632 m. During several swabbing cycles the well started to flow a mixture of oil and water. A total of approximately 132 bbls of oil was recovered with a gravity of 33 API along with 306 bbls of water from 4 swab cycles. Inflow from the formation ranged from 100 bopd to 300 bopd. The high water content currently precludes oil from being produced at this field as there are no separation facilities on site. A decision was therefore made to suspend the well until separation facilities are in place. This successful re-entry and test through a liner now should provide sufficient data to enable the company to seek GKZ approval of the field reserves. Once company receive this approval, company will review possible options for the future development of this field. In December 2020, an Offtake contract was signed with the Alexandrovskoye Oil Refinery ("AOR") that included a circa $1M of advance payment against future oil shipment from the C-4 well on the Cheremshanskoye field to cover infrastructure development on Licence 67. AOR is a company located at Alexandrovskoye town in the north-western part of the Tomsk region located 230 km from the Cheremshanskoye oil field. In 2020 AOR purchased all the oil produced from the C-4 well during the extended well test at competitive market rates. Due to a combination of strong performance from the C-4 well at Cheremshanskoye combined with the improving oil price, the Company did not need to call the advance payment for the Offtake Contract thereby saving financing charges. Aankondiging • Apr 27
Petroneft Resources plc Provides Operational Update PetroNeft announced the operational update for Licence 67. Construction of the 6.5 km road connecting the C-4 well on the Cheremshanskoye field to the nearest all season road has been completed ahead of schedule and within budget. The road is already being used to export oil from the C-4 well and, in addition, is enabling personnel and equipment to be mobilized into and out of the field all year round without the need for more expensive helicopter transportation, thereby further reducing operational costs. The C-4 well has been producing oil flowing naturally since 17th of February. Initially the well was producing through a 2 mm choke size. It has been steadily increased to the current 8 mm choke size on 7th of March. Since this time the production has increased to approximately 300 bopd and is showing no signs of decline. In total over 16,000 bbls of oil (over 2,100 tons) have been produced and sold. The oil has been sold at competitive rates under the offtake contract with the local refinery at the well head, thereby removing any pipeline costs and improving the margins. The value of the oil produced from the Cheremshanskoye field is enhanced by the partial exemption in the Mineral Extraction Tax (MET) which in February was equivalent to $3.4/bbl and for March is estimated to be $4.2/bbl. The Cheremshanskoye field reserves are 19.26 mmbbls C1+C2 which were approved by GKZ (Russian State Reserves Committee) January 2019. The Company is finalising its preparations to re-enter the L-2a well on the Ledovoye field. The L-2a well lies along the northern margin of the licence and immediately south of the North Ledovoye field in the adjacent Licence 55, which has historically been operated by MOL. A workover rig has been mobilised to the L-2a well andoperations will start imminently with initial results expected by the end of second quarter of 2021. This L-2a well was drilled by the Company in 2011 and was designed to twin the successful L-2 well which was drilled in 1973 and flowed oil to surface during a short open hole test recovering 34.5 bbls of oil in 40 minutes, equivalent to more than 1,000 bopd. The L-2 well suffered from operational problems before a cased hole test could be run. At the time of drilling of the L-2a well (2011), 5 m of net oil pay was identified within the Upper Jurassic J1-1 and J1-2 reservoir intervals. The well flowed 8.3 m3/day (52 bopd) on a small 3 mm choke, but did not have a cased hole test, this being a requirement for reserves to be approved by GKZ (Russian State Reserves Committee) and for development of the field. The forward plan is to re-enter the well, run a liner, and then perform a cased hole test on both the Upper Jurassic J1-1 and J1-2 reservoir intervals. If successful, the plan is to carry out a 3-month extended test. Any produced oil during this three month test will be sold. This data will then be used to gain GKZ approval of the reserves which then will enable the Company to evaluate options to commence development of this field. The close proximity to an all season road (200 m) will enhance development economics through lower costs. Aankondiging • Mar 04
PetroNeft Resources plc Announces Completion of Fracking Program and Initial Results PetroNeft Resources plc announced operational successes. Hydraulic fracture stimulation program of wells on both the Sibkrayevskoye and the Lineynoye fields successfully completed. Initial results from the wells are very encouraging, leading to production increases and opening the door to potential further developments. The S-373 well on the Sibkrayevskoye field was successfully fracked on the 13th of February. A step-rate test and mini frac were completed prior to the main frac. The mini frac results enabled the frac size to be optimized reducing it to 41 tons. The pre-frac production from the well averaged 200 bopd through 2020. Following flow back of the frac fluids, oil production over the last six days has more than doubled. As the well was brought back on-line the water cut has declined from the immediate post frack 100% to the current level of just under 40% and is stable. The aim of fracking this well was not only to increase production, but also to provide crucial information which can lead to an improved understanding of the optimum forward development plan for the field. The L-115 well at the Lineynoye field was previously fracked in 2010 with a relatively small 30 ton frack. The well was re-fracked with a 60 tons frac. The aim being to investigate if can improve production from the older wells in the field with good follow on candidates which can be fracked during the next 2021/22 winter season. The pre-frac oil rate averaged 20 bopd with the post frack rate currently 40 bopd. It is expected that as the water cut continues to decline the oil rate will continue to increase. Executive Departure • Feb 23
Independent Non-Executive Chairman G. Golder has left the company On the 22nd of February, G. Golder's tenure in the role of Independent Non-Executive Chairman ended. We don't have any record of a personal shareholding under Golder's name. Golder is the only executive to leave the company over the last 12 months. Aankondiging • Feb 22
PetroNeft Resources plc Announces Executive Changes PetroNeft Resources plc announced that David Golder has, after 15 years' service to the company, decided to retire from the Board with immediate effect. The Board has unanimously elected Alastair McBain, who joined the board on 29th January 2021, as Non-Executive Chairman of the Company. Alastair has had a 37 year career in the international oil and gas industry. Initially working for 17 years at Royal Dutch Shell in numerous senior international commercial positions. Aankondiging • Feb 18
PetroNeft Resources plc announced that it expects to receive £2.08333 million in funding from Natlata Partners Limited and other investors PetroNeft Resources plc (ISE:P8ET) announced that it will issue convertible loan facility for gross proceeds of £2,083,330 ($2,900,000) on February 17, 2021. The transaction will include participation from 13 lenders including returning investor Natlata Partners Limited for £395,115 ($550,000), and ADM Consulting FZE for £395,115 ($550,000), individual investors David Golder for £18,913.8 ($26,328), David Sturt for £215,864 ($300,482), and Pavel Tetyakov for £84,920.30 ($118,209). The loan facility carries an interest rate of 8% above the base rate of the Bank of England. Lenders can elect at any time to convert up to 75% of the outstanding loan to shares at a conversion price of £0.02 in year 1 and £0.025 in year 2. The loan will mature in March 2023. Aankondiging • Feb 01
PetroNeft Resources plc Appoints Alastair Mcbain as Non-Executive Director PetroNeft Resources plc announced that Alastair McBain appointed as a Non-Executive Director of the company. Aankondiging • Jan 29
PetroNeft Resources plc Announces Operational Update PetroNeft Resources plc announced the operational update. Production at Licence 61 has continued to perform strongly in spite of severe cold weather being experienced in the field with temperatures below minus 50 degrees centigrade. To date production for January (up to the 25th January) has increased 6.9% compared to the full January 2020 daily production rate, in spite of L-115 production being taken off line to prepare the well for the fracking program, this has resulted in an approximate loss of 100 barrels of oil in total. The company continues to see good production performance particularly from the Lineynoye and Sibkrayevskoye fields as well as a leveling off of the production decline at the Arbuzovskoye field. Work is progressing on a two well fracking program to start during the first week of February. The first well to be fracked is the L-115 well on the Lineynoye field. The well was previously fracture stimulated when first drilled in 2010 but it was only a relatively small frack of 30 tons as it was limited by logistics with the proppant being helicoptered in. This time the company are aiming to carry out a larger 50 ton frack which is more in line with that which achieved such good results on the other Lineynoye PAD 1 wells. The aim of the frack is to investigate if the company can improve production from older wells on the field. On success there are a number of other good follow up candidates which can be fracked during the next 2021/22 winter season. This method of production enhancement offers the opportunity to deliver material production gains at very low cost. The second well to be fracked is the S-373 well at the Sibkrayevskoye field. This field has performed very well throughout 2020 since the company connected it to the central processing facility in First Quarter 2020. The company sees similar geology in this field to the wells at PAD 1 in the Lineynoye field where the previous fracking results were excellent. The aim of fracking this well is to increase production but crucially it will also provide information which can lead to an improved understanding of the optimum forward development plan for the field. At Licence 67 operations are also progressing well. Construction of the road from the C-4 well to the all-season road at the C-3 well location has commenced and is already approximately 30% complete. This road is on schedule for completion by the end of the current winter season and will allow year-round production from the field, thereby providing an additional revenue stream for the company. Work on putting the C-4 well on year round production is also progressing with production planned to commence no later than the second week of February. Initially the production will be exported utilising a winter road which is already in place. In addition to the operations on the Cheremshanskoye field, the company are also preparing to mobilise a work over rig to the Ledovoye L-2a well to commence work over of the well during February. The aim is to establish commercial oil flows from the Upper Jurassic J1-1 horizon. This focus on the Jurassic offers the potential to deliver additional production at relatively low investment levels. On success the company will produce the well for an initial three month period at the same time as working on gaining state reserves approval for the field which on success will enable the well to be on year round production from the end of this year. Aankondiging • Jan 16
PetroNeft Resources plc (ISE:P8ET) entered into a heads of terms agreement to acquire additional 40% stake in Licence 67 from Belgrave Naftogas BV for $2.3 million. PetroNeft Resources plc (ISE:P8ET) entered into a heads of terms agreement to acquire additional 40% stake in Licence 67 from Belgrave Naftogas BV for $2.3 million on January 15, 2021. Under the terms of the transaction, PetroNeft Resources plc will issue 80 million ordinary shares to Belgrave Naftogas BV for a value of $1.2 million and cash consideration of $1.7 million which will be financed through a 3 year loan from Belgrave Naftogas BV to PetroNeft with an interest rate of 8% above Bank of England base rate. The loan and interest to be repaid at the end of the loan. Up to 50% of the loan can be converted by Belgrave Naftogas BV to PetroNeft ordinary shares. Belgrave Naftogas BV have the right to nominate a Director onto the PetroNeft Board. Belgrave Naftogas BV to be carried by PetroNeft for their 10% share of the joint venture costs up to repayment of the loan, after which time Belgrave Naftogas will fund their share of the joint venture costs. Reported Earnings • Sep 27
Full year earnings released - €0.0084 loss per share Over the last 12 months the company has reported total losses of US$6.04m, with losses narrowing by 20% from the prior year. 
