Information for PNG Drilling Company foreign investors and members on the establishment of a ban for them to execute shares sale transactions and any operations resulting in a change of the ownership structure of PNG Drilling Company LLC.
PNG Drilling Company management informs its foreign investors and members about the Executive order of the President of the Russian Federation dated 05.08.2022 No. 520 “On the application of special economic measures in the financial and fuel and energy sectors in connection with the unfriendly actions of certain foreign states and international organizations” that applies to the Company (please, see attached).
In accordance with the Executive order it is prohibited until December 31, 2022 to make transactions (operations) that directly and (or) indirectly entail the establishment, change, termination or encumbrance of the rights of possession, use and (or) disposal of securities of Russian legal entities, shares (contributions) constituting the charter (joint) capital of Russian legal entities, provided that these securities, shares (contributions), rights and obligations belong to foreign entities associated with foreign states that commit unfriendly acts against the Russian Federation, Russian legal entities and individuals (including if such foreign persons have the citizenship of these states, the place of their registration, the place of their primary business activities are these states).
The prohibition applies to transactions (operations) with shares, interest (contributions) that make up the charter capital of business entities, including those that manufacture equipment for fuel and energy sector companies and provide services for maintenance and repair of such equipment.
The list of the above-mentioned business entities (attached with PNG Drilling Company Ltd №72) is approved by the President of the Russian Federation.
Transactions (operations) made in violation of the provisions of this Executive order will be considered as null and void.