- PetroNeft non-executive director Vakha Sobraliev has decided to retire from the conclusion of the annual general meeting earlier today to concentrate on his other business interests.

PetroNeft is an oil and gas exploration and production company operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67. Sobraliev has been a director since November 2005 and introduced Licence 61 to the company at its formation in 2005. He was also key to the establishment of the company's operations and experienced team in Tomsk.

Chairman David Golder said: "On behalf of the company and its shareholders I would like to place on record our appreciation for Vakha's service and advice over the years and in particular to his contribution to the original set up of operations in Tomsk. I wish him every success in the future."

At 1:59pm: [LON:PTR] Petroneft Resources PLC share price was -0.02p at 4.58p

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