Pavel Tetyakov entered into a non-binding conditional Heads of Terms to acquire Lineynoye LLC from PetroNeft Resources plc (ISE:P8ET) and Belgrave Naftogas BV for RUB 210 million on June 14, 2023. Pavel Tetyakov entered into a agreement to acquire Lineynoye LLC from PetroNeft Resources plc (ISE:P8ET) and Belgrave Naftogas BV on August 1, 2023. PetroNeft owns 90% of Lineynoye with the remaining equity being owned by Belgrave Naftogas.

The Proposed Disposal is subject, inter alia, to the execution of a formal binding sales and purchase agreement. If agreed, the Proposed Disposal would be subject to all applicable corporate and government approvals, as well as approval of independent shareholders of the Company under AIM and Euronext Growth Rules. As of September 18, 2023, PetroNeft announced notice of an Extraordinary General Meeting ('EGM') where a resolution will be put before shareholders to approve the proposed disposal of PetroNeft's Russian business and assets.

Brian Garrahy and Ciara O'Mongain of Davy Corporate Finance Limited acted as financial advisors to the independent directors of PetroNeft Resources. As on October 12, 2023, Shareholders of the PetroNeft Resources agreed on the sale. The Expected Completion of the Proposed Disposal will be on November 30, 2023.