Welcome!

News Feed Item

Natlata Notes New Delay on Petroneft Farm-out Deal, Gives More Details of Financing Proposal

LONDON, April 16, 2014 /PRNewswire/ --

Natlata Partners Limited ("Natlata"), the private investment company that is the largest single shareholder in Petroneft Resources Plc ("Petroneft"), notes that Petroneft has announced a new delay in completing the deal to farm out a 50% share in Licence 61.  In January 2014 having forecast a completion by the end of Q1, then "in the coming weeks" in the 17 March announcement, Petroneft today announced that it will close "within a week", with the only outstanding item being the execution of binding legal documents.

Once again there is no concrete news in the release and shareholders are again denied any information on the proposed terms and the buyer's identity.

With the farm-out being discussed for over a year and the recent placement providing Petroneft with cash for immediate needs, Natlata questions Petroneft's sudden urgency in the completion of the farm-out when there is an EGM scheduled for the 9th of May where shareholders are considering resolutions in relation to the farm-out. What is the reason to deny shareholders' rights to have a say on such a major transaction? Why not wait a couple of more weeks to allow all shareholders to decide on what's best for Petroneft?

Furthermore, in addition to its March 2014 proposal to Petroneft, Natlata would like to give more details on the proposed financial support of Petroneft going forward. In particular there has been a number of questions from investors in relation to what would happen with Arawak's debt and what would happen after USD 10m of newly issued financing have been spent. 

As stated previously, Natlata will help Petroneft to negotiate a new debt facility with a number of  banks to cover both the repayment of Arawak's loan and a reasonable future investment programme. If, for any reason, such a debt arrangement fails and subject to agreeing contracts, Natlata would provide a three-year USD 30m credit line on terms similar to those Petroneft currently has with Macquarie Bank, to be provided to Petroneft in May 2015 when Arawak's debt comes due. This additional financing proposal is subject to the reserves, production and financial information, as currently presented on Petroneft's website, being accurate and true.

This credit line would be in addition to Natlata's other financing proposal as announced on 20 March 2014, to take over the Macquarie debt and convert this to equity at a price of GBP0.055 and to raise an additional US$10 million in the form of a share issue open to all shareholders.

We must assume that the farm-out deal allegedly being closed by the board must be a lot better than Natlata's proposal for the board to give away 50% of Petroneft's core asset and all future upside potential without proper consideration of our proposal and no discussions or even request for clarification like four times before.

Natlata urges all shareholders not to cast their votes on the EGM resolutions until Petroneft has announced the terms of the farm-out by 22 April 2014.

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].  More details on our proposals for Petroneft can be found at http://www.value4Petroneft.com.

For media enquiries please contact:


Stuart Leasor
[email protected]
+44-7703-5377211

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
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
TechTarget storage websites are the best online information resource for news, tips and expert advice for the storage, backup and disaster recovery markets. By creating abundant, high-quality editorial content across more than 140 highly targeted technology-specific websites, TechTarget attracts and nurtures communities of technology buyers researching their companies' information technology needs. By understanding these buyers' content consumption behaviors, TechTarget creates the purchase inte...
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, will discuss some of the security challenges of the IoT infrastructure and relate how these aspects impact Smart Living. The material will be delivered i...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...