Petroneft Resources PLC Agreement with Natlata (1697W)
April 25 2016 - 2:54AM
UK Regulatory
TIDMPTR
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:
+1 713 988
Dennis Francis, CEO, PetroNeft Resources plc 2500
+353 1 647
Paul Dowling, CFO, PetroNeft Resources plc 0280
John Frain/Brian Garrahy, Davy (NOMAD and Joint +353 1 679
Broker) 6363
Henry Fitzgerald-O'Connor, Canaccord Genuity Limited +44 207 523
(Joint Broker) 8000
+44 207 638
Martin Jackson/Shabnam Bashir, Citigate Dewe Rogerson 9571
+353 1 498
Joe Heron / Douglas Keatinge, Murray Consultants 0300
+44 7703 537721
Stuart Leasor, EM
+7 919 102
Tom Blackwell, EM 9064
This information is provided by RNS
The company news service from the London Stock Exchange
END
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April 25, 2016 02:54 ET (06:54 GMT)
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