Irish oil and gas explorer PetroNeft completes Russian gas well deal Move increases its interest in well which offers ‘significant potential value’ to 90%
Mon, Mar 8, 2021, 08:41
Irish oil and gas explorer PetroNeft Resources has completed its acquisition of a 40 pre cent stake in a Russian gas well.
The company, which operates in the Tomsk Oblast, Russia, said on Monday that it has completed the deal with Belgrave Naftogas, formerly Arawak Energy Russia, in relation to Licence 67. The deal means that PetroNeft’s interest in the licence has risen from 50 per cent to 90 per cent. PetroNeft also has a 50 per cent operated interest in Licence 61.
PetroNeft has announced that the acquisition of an additional 40% interest in Licence 67 in the Tomsk Oblast from Belgrave Naftogas (formerly Arawak Russia) has now completed and PetroNeft s interest in this licence has risen from 50% to 90%.
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, announces that David Golder has, after 15 years service to the company, decided to retire from the Board with immediate effect. The Board has unanimously elected Alastair McBain, who joined the board on 29
th January 2021, as Non-Executive Chairman of the Company. Alastair has had a highly successful 37 year career in the international oil and gas industry. Initially working for 17 years at Royal Dutch Shell in numerous senior international commercial positions. He joined the Vitol group in 1995 to head up the growth of the group s portfolio of upstream assets and became CEO of Arawak Energy in 2002. Alastair grew the company from an initial $20M valuation with zero production to a $0.5Bn company producing 12,000 boepd from assets in Kazakhstan, Russia and Azerbaijan. He also
Russia: PetroNeft announces potential acquisition of an additional 40 percent interest in Licence 67
15 Jan 2021
Licences 61 and 67 in the Tomsk Oblast, has signed Heads of Terms signed with
Belgrave Naftogas (formerly
40% interest in Licence 67 for US$2.9 million.
Background
Over the last 12 months, PetroNeft has significantly increased the focus on LIcence 67, as we look to develop the value of our portfolio. We have increasingly seen the significant potential that Licence 67 offers in terms of exploration and production. As a means of moving the Licence forward, in a cost-effective and timely way, a non-binding Heads of Terms has been executed between PetroNeft and Belgrave Naftogas to acquire an additional 40% interest in Licence 67, thereby increasing PetroNeft s interest from 50% to 90%.