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
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effici...
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
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.
Regulatory requirements exist to promote the controlled sharing of information, while protecting the privacy and/or security of the information. Regulations for each type of information have their own set of rules, policies, and guidelines. Cloud Service Providers (CSP) are faced with increasing demand for services at decreasing prices. Demonstrating and maintaining compliance with regulations is a nontrivial task and doing so against numerous sets of regulatory requirements can be daunting task...
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...