9 May 2014 15:54
9 May 2014
PetroNeft Resources plc
("PetroNeft" or the "Group" or the "Company")
Shareholder Meetings Update
PetroNeft (AIM: PTR) owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, is pleased to announce the results of the polls at the two Extraordinary General Meetings held in Dublin earlier today.
EGM to approve farmout of 50% of Licence 61 to Oil India Limited
RESOLUTION | VOTESFOR | % | VOTESAGAINST | % | VOTESTOTAL |
1 | 381,069,387 | 99.60 | 1,536,158 | 0.40 | 382,605,545 |
EGM requisitioned by Natlata
RESOLUTION | VOTESFOR | % | VOTESAGAINST | % | VOTESTOTAL |
1 | 121,891,615 | 25.02 | 365,347,978 | 74.98 | 487,239,593 |
2 | 117,732,866 | 24.71 | 358,639,897 | 75.29 | 476,372,763 |
3 | 121,848,615 | 25.01 | 365,390,978 | 74.99 | 487,239,593 |
4 | 112,051,963 | 23.52 | 364,320,800 | 76.48 | 476,372,763 |
5 | 118,974,562 | 24.98 | 357,398,201 | 75.02 | 476,372,763 |
6 | 118,620,362 | 24.92 | 357,422,401 | 75.08 | 476,042,763 |
7 | 111,826,422 | 23.47 | 364,546,341 | 76.53 | 476,372,763 |
8 | 110,707,585 | 23.24 | 365,665,178 | 76.76 | 476,372,763 |
9 | 111,401,110 | 23.39 | 364,971,653 | 76.61 | 476,372,763 |
10 | 118,247,383 | 24.82 | 358,125,380 | 75.18 | 476,372,763 |
11 | 118,264,842 | 24.83 | 358,107,921 | 75.17 | 476,372,763 |
12 | 122,656,399 | 25.17 | 364,583,194 | 74.83 | 487,239,593 |
13 | 111,885,769 | 23.49 | 364,481,994 | 76.51 | 476,367,763 |
14 | 110,971,785 | 23.30 | 365,385,978 | 76.70 | 476,357,763 |
15 | 111,290,545 | 23.37 | 365,022,218 | 76.63 | 476,312,763 |
David Golder, Chairman of PetroNeft Resources plc, commented:
"Today was a very important day for PetroNeft. The Board has proposed a strategy for the next phase of the company's development which has been overwhelmingly supported by the shareholders today. Of approximately 850 individual shareholders voting, more than 810 shareholders supported the Board's recommendations. This gives us a mandate to conclude the farm out with Oil India and to progress the development of our asset, debt free and with a fully funded US$45m work programme. We look forward to working with a great new partner, Oil India Limited, in developing the significant potential in Licence 61."
For further information, contact:
Dennis Francis, CEO, PetroNeft Resources plc | +353 1 443 3720 |
Paul Dowling, CFO, PetroNeft Resources plc | +353 1 443 3720 |
John Frain/Brian Garrahy, Davy (NOMAD and Joint Broker)
| +353 1 679 6363 |
Henry Fitzgerald-O'Connor, Canaccord Genuity Limited (Joint Broker)
| +44 207 523 8000 |
Martin Jackson, Citigate Dewe Rogerson | +44 207 638 9571 |
Joe Murray/Joe Heron, Murray Consultants | +353 1 498 0300 |