Petroneft Resources Plc

AGM Information • May 9, 2014

National Storage Mechanism | Additional information

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RNS Number : 7633G

Petroneft Resources PLC

09 May 2014

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	VOTES FOR	%	VOTES AGAINST	%	VOTES TOTAL
1	381,069,387	99.60	1,536,158	0.40	382,605,545

EGM requisitioned by Natlata

RESOLUTION	VOTES FOR	%	VOTES AGAINST	%	VOTES TOTAL
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

This information is provided by RNS

The company news service from the London Stock Exchange

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