Petroneft continues negotiations on $1.3m loan facility

Convertible loan facility matured at the end of December

Photograph: iStock

Photograph: iStock

 

Oil and gas exploration company PetroNeft said it is continuing discussions on its covertible loan facility that matured at the end of Decemeber.

The $1.3 million facility, which was agreed with a group of five lenders, was negotiated in June 2019. The convertible loan matured on December 31st 2020, but Petroneft has been in discussions to extend that by a year.

The company, which operates in the Tomsk Oblast, Russian Federation, said it was “confident” that it would be able to announce a successful outcome shortly.