PTR.L Share News (PTR)

PTR.L Information

There is currently no data for PTR

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

More News

9 Nov 2010 11:13

Small caps round-up: Umeco, Petroneft, Kewill...

Aerospace supplies group Umeco says it remain on track to hit full-year expectations after increasing adjusted profit before tax by 12% in the first half. Pre-tax profit rose to £11.1m in the six months to 30 September, up from £9.9m last year on revenue up to £217.2m from £198.5m. Russia-focused

19 Oct 2010 13:30

Petroneft raises $43m

Russia-focused oil and gas explorer and producer Petroneft Resources is raising $43m from a placing at 43p per share in order to finance the development of its Russian interests. The cash will be used to accelerate exploration and business development at its licences 61 and 67 at Tomsk Oblast in R

20 Sep 2010 08:33

Oil companies round-up: Max, Dominion, Petroneft ...

The share price of Kazakhstan-focused oil firm Max Petroleum tanked on Monday morning after the company said it has plugged and abandoned the KAW-1 exploration well on the Karsak West prospect on Block E. The Sun ZJ-30drilling rig will now move to drill the UTS-1 exploration well on Uytas prospect

20 May 2010 13:05

Small caps: Western & Oriental, Monitise, Optos

Luxury travel group Western & Oriental remains upbeat despite slumping into the red in the six months to March as it bore the brunt of a range of external problems. The poor state of the UK economy, airline industrial action and continuing riots in Thailand knocked revenue from £28.4m to £24.9m, w

20 May 2010 12:55

Small caps round-up: Borders & Southern, Rockhopper, Caza,

Oil and gas group Borders & Southern Petroleum is to join the rush to find oil near the Falkland Islands after raising funds last year. 'Our successful capital raise in November allows us to comfortably fund a drilling programme on our exciting prospects in the South Falkland Basin without diluting

28 Feb 2010 11:23

Sunday newspaper round-up: M&S, HSBC, Prudential

Shareholders in Marks & Spencer are preparing for a fresh showdown with the retail giant over the £1.13m pay package of Sir Stuart Rose, the executive chairman. Institutional investors want M&S to slash Rose's annual salary when Marc Bolland, the new chief executive, joins in May. One big sharehol

21 Sep 2009 16:21

London close: End of road for winning run

London's six-day rally ended Monday after banks were sold on fundraising talks and as miners retreated on weaker metal prices. Part-nationalised lender Royal Bank of Scotland (RBS) was the biggest faller on reports it is mulling a share issue of between £3-4bn to reduce its dependence on the UK gov

21 Sep 2009 08:19

Small caps round-up: Tanzanite One, Plastics Capital, PetroNeft...

Tanzanite One, which mines for the eponymous gemstone in Tanzania, fell into losses at the interim stage as revenues tumbled in line with tanzanite prices. The firm posted a pre-tax loss of £1.3m, compared with £3.9m over the same period the previous year, as revenues fell to £4.9m from £20.9m. Pl

4 Jun 2009 11:14

Small caps round-up: D1 Oils, Scott Wilson, Petroneft ...

Shares D1 Oils fell sharply after the biofuel firm pointed to funding worries at its joint venture for the global planting of the crop Jatropha. "It is now judged that the outcome of this fundraising process is uncertain, and the board of D1 Oils anticipates that the joint venture will therefore ha

Latest Share Chat

PTR.L Share News (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

Login to your account

Quickpicks are a member only feature

Login to your account