Petroneft Resources Plc

Regulatory Filings • Apr 25, 2016

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RNS Number : 1697W

Petroneft Resources PLC

25 April 2016

25 April 2016

PetroNeft Resources plc

("PetroNeft" or the "Group" or the "Company")

Agreement with Natlata

PetroNeft (AIM: PTR) an oil & gas exploration and production company operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67 and Natlata Partners Limited, PetroNeft's largest shareholder are pleased to announce they have reached an agreement on a new Board composition and structure. Accordingly, Natlata has agreed to withdraw all of its resolutions due to be considered at the reconvened EGM due to take place at 11 a.m. today.

The Board has appointed Maxim Korobov as non-executive Director and Anthony Sacca and David Sturt as independent non-executive Directors. David Sanders, Gerry Fagan and Paul Dowling have left the Board. Mr. Dowling will remain as CFO of the Company. 

The newly constituted Board shall be made up as follows:

·     G. David Golder - Chairman

·     Dennis C. Francis - CEO

·     Thomas Hickey - independent non-executive Director

·     Maxim Korobov - non-executive Director 

·     Anthony Sacca - independent non-executive Director

·     David Sturt - independent non-executive Director

G. David Golder, Chairman of PetroNeft Resources plc, commented:

"We are very pleased to come to a workable compromise with our largest Shareholder Natlata.  We feel this is the best way forward for all of the Shareholders in the Company.  The agreement allows the Company to implement our recently announced Licence 61 work programme with our partner Oil India along with a new emphasis on business development.  This will allow the Company to take advantage of opportunities in today's market.

"I would like to thank the Directors who are stepping down for their service and commitment as Board members.  I would like to extend particular thanks to Gerry Fagan, who is stepping down as an independent Non-Executive Director."

Maxim Korobov, Owner Natlata Partners Limited, commented:

"Natlata has agreed to conclude an agreement with the Board of PetroNeft in the best interests of all Shareholders.  We look forward to working with the Board to develop the business and to bringing our experience in the Russian market to grow the Company and increase shareholder value."

For further information, contact:

Dennis Francis, CEO, PetroNeft Resources plc	+1 713 988 2500
Paul Dowling, CFO, PetroNeft Resources plc	+353 1 647 0280
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/Shabnam Bashir, Citigate Dewe Rogerson	+44 207 638 9571
Joe Heron / Douglas Keatinge, Murray Consultants	+353 1 498 0300
Stuart Leasor, EM Tom Blackwell, EM	+44 7703 537721 +7 919 102 9064

This information is provided by RNS

The company news service from the London Stock Exchange

END

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