PetroNeft still negotiating over $2.48m loan facility redemption

Russia-focussed oil and gas explorer and producer PetroNeft updated the market on its debt financing on Friday.

The AIM-traded firm said it was still in negotiations with Petrogrand regarding its loan facility, with a current redemption value of $2.48m, which matured on 15 December.

It said it could not currently predict the outcome of the negotiations, adding that it would make further announcements.

“Moreover, the directors of the company continue to review strategic options available to PetroNeft and are considering all viable options within the context of the current geopolitical environment to maximise value for shareholders,” the board said in its statement.

At 1501 GMT, shares in PetroNeft Resources were up 16% at 0.35p.

Reporting by Josh White for Sharecast.com.