- PetroNeft (AIM: PTR) and Natlata Partners Ltd have reached agreement on a new Board composition and structure.

Accordingly, Natlata, which is PetroNeft's largest shareholder, has agreed to withdraw all of its resolutions due to be considered at the reconvened EGM due to take place at 11 am today.

The Board has appointed Maxim Korobov as non-executive Director and Anthony Sacca and David Sturt as independent non-executive Directors.

David Sanders, Gerry Fagan and Paul Dowling have left the Board. Mr. Dowling will remain as CFO of the Company.

The newly constituted Board shall be made up as follows:

· G. David Golder - Chairman

· Dennis C. Francis - CEO

· Thomas Hickey - independent non-executive Director

· Maxim Korobov - non-executive Director

· Anthony Sacca - independent non-executive Director

· David Sturt - independent non-executive Director

At 9:36am: [LON:PTR] Petroneft Resources PLC share price was +0.03p at 2.15p

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