Petroneft Resources PLC Company Update (9719Y)
10 Mai 2023 - 12:46PM
UK Regulatory
TIDMPTR
RNS Number : 9719Y
Petroneft Resources PLC
10 May 2023
PetroNeft Resources plc ('PetroNeft' or 'the Company')
Company Update
PetroNeft (AIM: PTR) provides the following update.
-- Stimul-T LLC, operator of Licence 61, voluntarily files for
bankruptcy administration in Russia
-- PetroNeft issues Demand Notice to WorldAce Investments Ltd
for outstanding Corporate Management Service charges of $0.98M.
PetroNeft together with its joint venture partner Oil India
International BV (a wholly owned subsidiary of OIL India Limited)
are the only shareholders in a Cypriot registered company called
WorldAce Investment Limited (WIL), which in turn owns 100% of the
voting equity in Stimul-T LLC (Stimul-T), a Russian registered
legal entity, which owns and operates Licence 61 in the Tomsk
region of the Russian Federation.
The pipeline connecting Licence 61 to the Transneft system is
owned and operated by Nord Imperial (NI), a wholly owned subsidiary
of ONGC, the flagship national oil company (NOC) of India . As
disclosed by PetroNeft on the 21(st) of August 2022, following a
long running tariff dispute between Stimul-T and NI, the pipeline
was shut down by NI on the 21(st) of August 2022. Despite numerous
meetings between Stimul-T, NI and other stakeholders, and the
continuing litigation proceedings, a resolution has not been
achieved.
Apart from minor volumes of oil exported during the winter
months utilising ice roads, Stimul-T has had to suspend all
operation on the oil fields in Licence 61 at the beginning of Q4
last year which has resulted in no revenue to pay its debts as they
fall due. These include a RUB 190MM tax debt (US$2.3M equivalent).
The Tomsk Regional Court of Arbitrage ruling going against Stimul-T
, as announced on the 17(th) March 2023, combined with the
inability to be able to transport oil out of Licence 61, has led to
the position where Stimul-T is now legally obligated, under the
Bankruptcy laws of the Russian Federation, to submit an application
for bankruptcy administration.
The bankruptcy process in Russia may be protracted. At this
time, the PetroNeft board cannot, with any reasonable certainty,
estimate the recoverability, if any, of the loan advance(s),
receivables or underlying asset value that accrues to the interest
of PetroNeft through its 50% equity holding in WIL and by extension
in Stimul-T LLC.
The act of submitting this bankruptcy filing does not affect the
on-going operations at Licence 67 which continue without
interruption.
Under the Joint Venture Agreement between OIL and PetroNeft,
PetroNeft provides certain corporate management services to WIL.
The outstanding amount due to PetroNeft as of 31(st) December 2022
was $0.98M and the Company has issued a Demand Letter for immediate
payment of this considerable amount.
PetroNeft will issue a further announcement in due course.
David Sturt, Chairman of PetroNeft Resources plc, commented:
"This is a very sad outcome; we have been trying to find a
mutually beneficial solution which would have enabled us to
continue operations at Licence 61. Although there have been
numerous encouraging meetings in Tomsk, nothing has been
forthcoming. We will continue to pursue all legal options including
the submission of an appeal against the legal case but due to the
insolvent position of Stimul-T and no income we have a requirement
by law to lodge for bankruptcy of Stimul-T.
If a resolution is found which would enable production to re
commence and allow exports through the NI pipeline to market, it
may be possible to reverse the bankruptcy process for the benefit
of all stakeholders."
This announcement contains inside information within the meaning
of the EU Market Abuse Regulation 596/2014. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
For further information, contact:
Pavel Tetyakov, CEO, PetroNeft Resources plc +353 1 6470280
Brian Garrahy/Ciara Mongain, Davy (NOMAD and Corporate +353 1 679
Broker) 6363
+353 1 498
Paul O'Kane, Murray Consultants 0300
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END
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