PetroNeft Resources plc announced that as part of the Company's desire to improve the strength and diversity of the Board, the Board has voted to bring on Daria Shaftelskaya as a non-executive director on successful passing of the EGM resolutions. Daria, age 41, will be a welcome addition to the board, having a strong finance background in addition to being from the Tomsk region.

The company entered into a $2.0 million loan facility with Petrogrand on 16th January 2018, this facility was increased to $2.5 million on 14 February 2019 and was due for repayment in full on 15th December 2019. The company has successfully negotiated a one year extension to the loan with an additional potential second year extension if 20% of the capital is repaid by 15th December 2020. If the conditions on the second one year extension are met, then the interest rate will reduce from LIBOR + 9% to LIBOR +6% in December 2020.