PTR.L Regulatory News (PTR)

PetroNeft Resources plc

3 January 2024

PetroNeft Resources plc ('PetroNeft' or 'the Company')

Board Changes

PetroNeft announces the following board changes:

· Anthony Sacca and Eskil Jersing have submitted their notices to resign as Independent Non-Executive Directors of the board effective as of 4 January.

· Michael Power FCA appointed to the Board as Non-Executive Director as of 4 January.

Anthony was appointed to the PetroNeft board as Independent Non-Executive Director on 24 April 2016. Eskil Jersing was appointed to the PetroNeft board on 1 November 2021.

Michael Power is appointed to the Board as Non-Executive Director as of 4 January. Michael has been with the Company since March 2020 and held various roles in the Finance department as well as the role of Company Secretary.

As announced on the 21 December, due to the company being unable to appoint an auditor for the 2022 audit and publish audited financial statements for the financial year ended 31 December 2022, trading in the Company's shares on the AIM and Euronext Growth markets will be cancelled. The cancellation will take effect on 4 January 2024.

The Board will continue to pursue closing out the sale of PetroNeft's Russian assets as previously announced and will update the shareholders accordingly through news updates posted exclusively to the Company's website. For further information on progress of the sale of its Russian assets, PetroNeft shareholders should click on the following link:

http://petroneft.com/investor-relations/investor-notices/ 

David Sturt, Chairman of PetroNeft Resources plc, commented:

"I want to thank both Anthony and Eskil for their vision & guidance through exceptionally challenging times, particularly over the last year when the Company was unable to secure Directors and Officers (D&O) insurance. I wish them both well in their future endeavours.

During such challenging times, we are pleased to be able to announce the appointment of Michael Power FCA to the Board as Non-Executive Director. Michael, is a fellow of the Institute of Chartered Accountants in Ireland, has been with the Company since early 2020 and brings a wealth of both financial and non-financial emerging market experiences"

For further information, contact: