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

Petroneft struggling with strategic review and hunt for auditor

Thu, 11th May 2023 12:32

(Sharecast News) - Russia-focussed Petroneft Resources updated the market on its operations and ongoing strategic asset review on Thursday.

The AIM-traded company recently announced the voluntary filing for bankruptcy administration of Stimul-T, meaning it faced additional challenges during the sales process for both licences L61 and L67.

In terms of operations, Petroneft reported that the C-4 well at the Cheremshanskoye field in licence 67 was continuing to produce oil steadily, without any significant decline.

The well had yielded around 270 barrels of oil per day, totalling nearly 220,000 barrels since its start of production.

As part of its strategic asset review, Petroneft said it was actively engaging in discussions with all stakeholders, including potential acquirers.

The discussions encompassed both licences L61 and L67, but the recent bankruptcy filing of Stimul-T - the owner and operator of licence 61 - added further complexity to the ongoing process.

Petroneft said the development necessitated "careful navigation and adaptation" as it proceeded with the sales process.

The firm added that it was currently negotiating with Petrogrand and the holders of the 2019 convertible loans.

However, Petroneft's board said it could not accurately predict the outcome of the negotiations as yet.

"To date, the company has been unable to source an auditor in respect of the company's financial statements for the financial year ended 31 December 2022," the board added in its statement.

"Whilst the company will continue to source an auditor, it is becoming clear that the company will not be able to submit audited accounts for 2022 by the required deadline of 30 June 2023 under the rules of AIM and Euronext Growth."

Petroneft described it as a "rather unfortunate consequence" of owning and managing assets within the Russian Federation in the current environment, given Russia's ongoing invasion of Ukraine and the resulting sanctions on Russian economic activity.

"The likely consequence of not publishing audited accounts by 30 June is that the company's ordinary shares will be suspended from trading until such time as the situation can be resolved."

At 1127 BST, shares in Petroneft Resources were down 10% at 0.2p.

Reporting by Josh White for Sharecast.com.

More News
23 Jun 2016 08:04

Petroneft Trims Loss Despite Revenue Drop, Marginal Production Rise

Read more
2 Jun 2016 09:41

WINNERS & LOSERS SUMMARY: Moneysupermarket Drops On Downgrade

Read more
2 Jun 2016 07:53

Petroneft Production Rises As New Well Delivers Best Ever Flow Rate

Read more
25 May 2016 11:30

PetroNeft Shareholder General Invest Withdraws Request For Meeting

Read more
25 Apr 2016 12:08

PetroNeft avoids shareholder dispute with board restructure

(ShareCast News) - Russia-focused oil and gas exploration and production company PetroNeft Resources managed to avoid a particularly fraught shareholder meeting on Monday, reaching agreement with its largest shareholder Natlata Partners to restructure its board. The AIM-traded company confirmed that

Read more
25 Apr 2016 07:04

PetroNeft Reaches Compromise With Activist Investor Natlata

Read more
18 Apr 2016 13:16

UPDATE: PetroNeft Adjourns Meeting As It Holds Talks With Natlata

Read more
18 Apr 2016 07:54

PetroNeft Says Restriction Notice On General Invest Overseas Cancelled

Read more
11 Apr 2016 15:04

AGM, EGM Calendar - Week Ahead

Read more
6 Apr 2016 09:19

2nd UPDATE: PetroNeft Removes Restriction Notices On Natlata

Read more
6 Apr 2016 08:18

UPDATE: PetroNeft Removes Restriction Notices On Natlata Ahead Of Vote

Read more
6 Apr 2016 07:58

PetroNeft Says Restriction Notices On Natlata Cancelled Ahead Of Vote

Read more
5 Apr 2016 15:18

PetroNeft issues restriction notice to shareholder Natlata

(ShareCast News) - A growing spat between PetroNeft Resources and shareholder Natlata Partners led to a restriction notice issued from the former to the latter on Tuesday. Early in the day, Natlata Partners said it had received a restriction notice that would bar its from attending, speaking or voti

Read more
5 Apr 2016 13:43

UPDATE: PetroNeft Tries To Block Natlata Vote At EGM, Gets ISS Support

Read more
5 Apr 2016 08:59

PetroNeft Issues Notice To Potentially Block Natlata Vote At EGM

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.