PetroNeft Resources plc (ISE:P8ET) entered into a heads of terms agreement to acquire additional 40% stake in Licence 67 from Belgrave Naftogas BV for $2.9 million on January 15, 2021. On February 01,2021 PetroNeft Resources plc (ISE:P8ET) signed an agreement to acquire Licence 67 from Belgrave Naftogas BV. Under the terms of the transaction, PetroNeft Resources plc will issue 80 million ordinary shares to Belgrave Naftogas BV for a value of $1.2 million and cash consideration of $1.7 million which will be financed through a 3 year loan from Belgrave Naftogas BV to PetroNeft with an interest rate of 8% above Bank of England base rate. The loan and interest to be repaid at the end of the loan. Up to 50% of the loan can be converted by Belgrave Naftogas BV to PetroNeft ordinary shares. Belgrave Naftogas BV have the right to nominate a Director onto the PetroNeft Board. Belgrave Naftogas BV to be carried by PetroNeft for their 10% share of the joint venture costs up to repayment of the loan, after which time Belgrave Naftogas will fund their share of the joint venture costs. The transaction is expected to close in the first quarter of 2021.