Welcome!

News Feed Item

Natlata Questions Petroneft Resources Funding & Operations Update

LONDON, March 17, 2014 /PRNewswire/ --



Natlata Partners Limited ("Natlata"), the private investment company that is the largest single shareholder in Petroneft Resources PLC ("Petroneft" or "the company") (AIM: PTR) is surprised by the Funding & Operations Update that was announced this morning by Petroneft.

On 11th March 2014 Natlata delivered a requisition for an Extraordinary General Meeting ("EGM") to be convened to give shareholders the opportunity to consider the replacement of five members of the existing board and give directions to the board to: 

  • investigate why Petroneft has not performed as it should (so this can be rectified for the future); and
  • consider all possible options in relation to the refinancing of the loan due from Petroneft to Macquarie Bank Limited (the "Macquarie Facility"); and
  • require shareholder approval for the farm out of Licence No. 61.

Over the past year we have made a number of financing proposals to Petroneft, in both writing and at a number of meetings, which we believe are in the interests of all shareholders.  All have been rejected or made dependent on unrealistic conditions. Our latest proposal in January 2014 was rejected without any discussions.   In the meantime the significant underperformance of Petroneft has continued.  We consider that such measures that have been proposed by the existing management to address this will only cause further damage to Petroneft and its prospects. 

We were surprised that no mention of the EGM requisition was made in today's announcement.  We therefore ask the Board of Directors of Petroneft to clarify:

  1. Were the subscribers to the Placing made aware of the fact that Natlata had requisitioned an EGM?
  2. Was Arawak Energy made aware that Natlata had requisitioned an EGM?
  3. Has Macquarie Bank Limited been informed of the EGM requisition?
  4. Has "the large international oil and gas company" who is considering the farm out of Licence 61 been informed about the EGM requisition?
  5. Why is the EGM requisition not even mentioned in today's announcement?
  6. Why was Natlata as the largest shareholder in Petroneft, with almost three times the size of holding of any other shareholder, not consulted in relation to the proposed Placing?  Had Natlata been approached we would certainly have considered participating in the Placing, and this participation might have been at a price that was more in the interests of all shareholders.  
  7. Why is the Company paying Macquarie $2.5 million ahead of the agreed repayment schedule ($650,000 per month) when the money is needed for operations and the farmout is almost completed?
  8. "Under the Macquarie agreement, the bank will have the right from 15 April 2014 to ask for Licence 61 to be put up for sale in its entirety in a competitive process (as well as their other normal rights as lender) if the farmout of Licence 61 is not completed at that date." Why is the Company not considering other refinancing options available? Why did the Company agree to put Licence 61 up for sale in April 2014 whilst the loan is to be repaid in May 2014?
  9. We note that today's announcement describes the current production figure of 2,400 bopd as an improvement, when as recently as 30th September 2013, production of 2,500 bopd was claimed. The 100 bopd production increase from 2,300 bopd in January to current 2,400 bopd, i.e. still below September level, is attributed to successful completion of several workovers. What is the oil flow rate of well Lineynoye No.9? Why is there no impact on production figures? When does the Company expect to put the well into production?
  10. The winter season in Tomsk region will be over in a couple of weeks. Does the Company have all contracts and money in place for all of the necessary supplies and equipment to be moved into place in time? Has the drilling contractor been selected?

Commenting on the announcement, Maxim Korobov, Natlata's controlling shareholder, said, "Today's announcement by Petroneft demonstrates once again that the board is not acting in the best interests of either the company or all its shareholders.  We therefore feel that it is only right and proper that all shareholders are given the opportunity to consider an alternative direction for their company's future at an EGM, which we firmly believe will help to recreate and exceed the significant shareholder value that has been destroyed under the existing management."

About Natlata Partners Limited

Natlata Partners is a private investment company that seeks out investments with a focus on Russia and CIS countries that appear to be distressed or are at an early stage of development and which will clearly benefit from effective management and proven sector experience.  For more information about Natlata and our investments please contact [email protected]

For media enquiries please contact:
Stuart Leasor
[email protected]
+44(0)7703-5377211
or
Tom Blackwell
[email protected]
+7-919-102-9064

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
"I will be talking about ChatOps and ChatOps as a way to solve some problems in the DevOps space," explained Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
In his session at @ThingsExpo, Dr. Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, presented the findings of a series of six detailed case studies of how large corporations are implementing IoT. The session explored how IoT has improved their economic performance, had major impacts on business models and resulted in impressive ROIs. The companies covered span manufacturing and services firms. He also explored servicification, how manufacturing firms shift from se...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settl...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Digital transformation has increased the pace of business creating a productivity divide between the technology haves and have nots. Managing financial information on spreadsheets and piecing together insight from numerous disconnected systems is no longer an option. Rapid market changes and aggressive competition are motivating business leaders to reevaluate legacy technology investments in search of modern technologies to achieve greater agility, reduced costs and organizational efficiencies. ...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, discussed how to use Kubernetes to set up a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace. H...