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IN BRIEF: PetroNeft converts USD2.7 million of debt in three deals

Thu, 01st Apr 2021 11:26

PetroNeft Resources PLC - Irish oil and gas exploration company operating in Russia - Converts USD2.7 million of debt to equity under three convertible loan agreements for the issuance of 115.8 million shares. The first agreement in June 2019 was for USD1.3 million with five lenders, who can convert up to 65% of the outstanding loan. The second in February 2021 was for USD2.9 million with 13 lenders, who can convert 75% of the outstanding loan. The third last month was for USD1.7 million with Sarum Energy, who can convert up to 50% of the loan. Says the conversion will result in the outstanding debt being reduced to USD3.2 million from USD5.9 million.

"While these convertible loans were essential to the survival of PetroNeft, a key element of the ongoing work to turn the company around is reducing its indebtedness and moving it on to a sounder footing. Furthermore, it is critical to allow us the finance to carry out the development activity which will release the value of the company," says Chief Executive David Sturt.

Current stock price: 2.20 pence, up 26% on Thursday

Year-to-date change: up sharply from 0.65p on December 31

By Zoe Wickens; zoewickens@alliancenews.com