The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksPTR.L Share News (PTR)

  • There is currently no data for PTR

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

IN BRIEF: PetroNeft shares to be cancelled from AIM amid Russia exit

Wed, 03rd Jan 2024 08:04

PetroNeft Resources PLC - oil and gas producer in Russia - Shares will be cancelled from trading on AIM in London on Thursday, as PetroNeft continues to try to close the sale of its Russian assets and wind up the company. Following Russia's invasion of Ukraine in 2022, PetroNeft was unable to find an auditor for its 2022 accounts and therefore was unable to publish them, leading to the share cancellation.

Back in October, PetroNeft shareholders approved the sale of its Russian business interest to its chief executive officer, Pavel Tetyakov; however, the deal still awaits approval by a Russian government committee. PetroNeft had hoped the proceeds from the sale would have allowed the company to find an auditor for the 2022 accounts in time to prevent the cancellation from AIM.

PetroNeft says it continues to work to close the sale of the Russian assets. Proceeds will be used to repay loans, settle trade creditors, and pay staff salaries. Then, the company will seek shareholder approval to wind up the company. In the meantime, Anthony Sacca and Eskil Jersing resign as non-executive directors, effective Thursday, while joining is Michael Power, a chartered accountant who has worked with PetroNeft since early 2020.

Current stock price: 0.080 pence

12-month change: down from 30.00p

By Tom Waite, Alliance News editor

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

More News
12 Aug 2015 08:01

Petroneft Production From Russia Rises Over 40% Since Start Of 2015

Read more
22 Jul 2015 12:09

Petroneft posts improved production at Russian drilling site

(ShareCast News) - Petroneft Resources posted continued oil production growth at its license 61 Russian site. Production at the site was up to 2,400 barrels per day, from 2,000 in March and 1,950 in May. Petroneft is aiming to increase production to between 3,500 to 4,000 barrels of oil per day by

Read more
22 Jul 2015 08:23

PetroNeft Production Rises As Drilling Programme Progresses In Russia

Read more
23 Jun 2015 07:33

PetroNeft Resources Loss Narrows Despite Revenue Halving In 2014

Read more
22 May 2015 08:20

PetroNeft Production Slightly Falls, Expected To Double By Year End

Read more
20 Mar 2015 08:27

LONDON MORNING BRIEFING: CRH And TSB Lead Firm Early Market

Read more
20 Mar 2015 08:01

PetroNeft Aiming To Double Production In Russia By End Of 2015

Read more
3 Feb 2015 09:48

Petroneft Resources Production Increases As New Well Comes Online

Read more
14 Oct 2014 09:10

PetroNeft Completes Vertical Hole At Tomsk Oblast In Russia

Read more
26 Sep 2014 07:35

Petroneft Resources Narrows Interim Loss While Production Falls 12%

Read more
2 Sep 2014 05:24

UK AGM, EGM Calendar - Week Ahead

Read more
1 Sep 2014 15:12

UK AGM, EGM Calendar - Week Ahead

Read more
1 Sep 2014 05:24

UK AGM, EGM Calendar - Week Ahead

Read more
29 Aug 2014 15:04

UK AGM, EGM Calendar - Week Ahead

Read more
29 Aug 2014 07:39

UK MORNING BRIEFING: Supermarket Shares Slump On Tesco Profit Warning

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.