Company’s share price has plunged 98 per cent since the start of the Ukraine war
Russia-focused PetroNeft's shares have plunged 98% since the start of the Ukraine war, leaving the company with a market value of about €535,000. Stock Photograph: Getty.Dublin-based PetroNeft, the Russia-focused oil and gas explorer whose share price has plunged 98 per cent since the start of the Ukraine war, said on Wednesday it is seeking a writedown on much of its $5.59 million debt, as it plans to sell a key asset to its chief executive.
The company has entered non-binding heads of terms to sell its 90 per cent interest in the company behind the so-called Licence 67 in western Siberia, where commercial oil production started in 2021, to its CEO, Pavel Tetyakov, for the equivalent of $2.56 million. The deal also involves the assumption of associated debt, PetroNeft said in a statement.
PetroNeft put its Russian assets on the market last November amid challenges faced by the Ukraine war and international sanctions directed at Russian financial institutions and the oil and gas sector. This left the company unable to secure financing for the drilling of development wells on an oilfield on Licence 67 and struggling with the resignation of its auditor, BDO, in light of the invasion.
Mr Tetyakov, who joined the company in 2016 and was promoted to the role of CEO last October, expressed an interest in February in Licence 67 and PetroNeft’s 50:50 joint venture in another licence, Licence 61, in the same region.
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