The Dublin-listed, Siberian-focused oil exploration company Petroneft Resources has today signed a debt facility with Macquarie Bank for up to $$30 million
In a statement issued this morning, Petroneft, which is the owner and operator of Licences 61 and 67 at Tomsk Oblast in the Russian Federation, said that under the terms of the deal, $12 million is available to the company immediately.
As part of the arrangement Petroneft has granted Macquarie 1,000,000 warrants to subscribe for ordinary shares at a price of £0.3781 and exercisable over a period of four years.
Should more than $15 million be drawn Macquarie will be entitled to further warrants at prices to be based on the Petroneft share price at time of drawdown.
The duration of the debt facility is up to three years.
The new facility replaces the $5 million initial facility signed in March and is designed to provide both working capital and the flexibility to advance the Group’s exploration and development activities on licences 61 and 67 over the coming years.