(Alliance News) - PetroNeft Resources PLC on Friday said its independent committee remains in discussions with its chief executive officer over the sale of Russian assets, while a regional Russian court has ruled against it.
The Tomsk Oblast, Russia-focused oil and gas exploration and development company said there was no certainty this would lead to a successful outcome at this stage, however.
It said it was in discussions with all its main debt holders, including Petrogrand AB, who hold around USD2.6 million in debt, and the holders of its 2021 convertible notes of around USD1.2 million, whose maturity dates have expired at this time.
PetroNeft also noted the Tomsk Regional Court of Arbitrage ruled on the first claim from Nord Imperial LLC, the owner of the pipeline connecting Licence 61 to the Transneft pipeline system, to Stimul-T LLC, the holder of Licence 61, to collect debt for oil transportation services in the amount of USD4.2 million for the main debt and USD2.3 million in penalties.
It said the court resolved to satisfy the claim of Nord Imperial for USD3.8 million for the main debt and the above penalties amount. PetroNeft believes there are grounds to further reduce the claimed amount and is now preparing the application to the Court of Appeal.
"Whilst the company is reviewing options in light of the court ruling, the inability to be able to transport oil out of Licence 61 combined with this court ruling is increasingly leading to a challenging future for Stimul-T," PetroNeft said in a statement.
Shares in PetroNeft were down 5.9% to 0.40 pence each in London on Friday after midday.
By Greg Rosenvinge, Alliance News reporter
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