Petroneft Resources PLC Company Update (4626L)
05 Septembre 2023 - 5:00PM
UK Regulatory
TIDMPTR
RNS Number : 4626L
Petroneft Resources PLC
05 September 2023
PetroNeft Resources plc
5 September 2023
PetroNeft Resources plc ('PetroNeft' or 'the Company')
COMPANY UPDATE
PetroNeft announces that loan settlement agreements have been
concluded with the remaining debt finance holders as reported
below.
Background
Following on from the signing of a loan settlement agreement
with Petrogrand ("Petrogrand Loan Settlement") announced on 2(nd)
August, the Company has concluded further debt settlement
agreements with all parties to the Company's remaining three term
loan facilities.
Debt Type Balance Concession Concession Cash Settlement
- % (on Principal) % (on Interest) (US$ M)
(US$ M)
2019 Convertible
notes 0.63 90% 100% 0.05
--------- ------------------ ----------------- ----------------
2021 Convertible
notes 1.29 90% 100% 0.10
--------- ------------------ ----------------- ----------------
Convertible loan
from Belgrave Naftogas
B.V. 1.07 90% 100% 0.08
--------- ------------------ ----------------- ----------------
Total 2.99 90.0% 100% 0.23
--------- ------------------ ----------------- ----------------
The terms of the loan settlement agreements are:
-- PetroNeft to pay US$0.23M representing 10% of outstanding
principal of US$2.3M within seven days of receiving funds from the
sale of Lineynoye LLC (owner of Licence 67).
-- Lenders will waive 100% of the accumulated interest (US$0.69M).
-- The cash settlement amounts will be amended for any
withholding tax deducted at source in Russia and any adverse
Rouble/Dollar exchange movements.
-- The loan agreements are conditional on the successful closure
of the sale of Lineynoye LLC. PetroNeft announced on 14th June 2023
that it had entered into a non-binding conditional Heads of Terms
to sell its entire interest in Lineynoye LLC, the subsidiary
through which the Company holds its interest in Licence 67, to
Pavel Tetyakov (CEO of PetroNeft).
These agreements , together with the Petrogrand Loan Settlement,
reduce the outstanding debt as of 30(th) June 2023 from US$5.64m to
US$0.92M.
Natlata Partners Limited holds c. US$196,000 and US$138,000 of
the 2019 Convertible notes and 2021 Convertible notes respectively.
Natlata Partners Limited is a major shareholder of PetroNeft.
Consequently, this aspect of the debt restructuring when aggregated
with the Petrogrand Loan Settlement constitutes a related party
transaction pursuant to the AIM and Euronext Growth Rules.
The directors of the Company, having consulted the Company's
nominated advisor and Euronext Growth adviser, consider the terms
of the loan settlement agreement with Natlata Partners Limited to
be fair and reasonable insofar as the Company's independent
shareholders are concerned.
For further information, contact:
Pavel Tetyakov, CEO, PetroNeft Resources plc +353 1 6470280
Brian Garrahy/Ciara Mongain, Davy (NOMAD and Euronext +353 1 679
Adviser) 6363
+353 1 498
Paul O'Kane, Murray Consultants 0300
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END
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