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PetroNeft not found auditor, unlikely to meet annual results deadline

Thu, 11th May 2023 17:13

(Alliance News) - PetroNeft Resources PLC said on Thursday it has been unable to find an auditor for its 2022 annual results, and that it is becoming "increasingly clear" it will be unable to report annual results by its June 30 deadline.

PetroNeft is an oil and gas exploration company focused on Russia. PetroNeft faces financial challenges following the announcement that Stimul-T LCC, the operator of Licence 61 in Tomsk, has filed for bankruptcy. PetroNeft is a shareholder in Stimul-T LCC.

PetroNeft has launched a strategic asset review, with the sales process of licences L61 and L67 remaining ongoing.

PetroNeft continues to be in negotiations with Petrogrand AB and the holders of the 2019 convertible loans, though state it cannot predict the outcome of these negotiations.

Petroneft shares closed down 16% to 0.19 pence in London on Thursday afternoon

By Will Neill, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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