Nanes Balkany Partners LLC has asked Petrogrand AB (OM:PETRO) to drop exploration activities in Russia, explore strategic alternatives and replace its Chief Executive Officer. Nanes Balkany has not yet received an official response from Petrogrand, a person familiar with the matter said. Nanes Balkany stated that Petrogrand needs to retain an investment bank to explore options that could include paying a special dividend, liquidating the company or carrying out a deal that would generate immediate cash flow. In the latter dated April 22, 2013 Nanes Balkany stated that it was ready to acquire Petrogrand shares being divesting other shareholders in the wake of the company's exit from Russia and any new strategy adopted.

The Annual General Meeting of Petrogrand AB will be held on 14 June May 2013. At the meeting the shareholders proposes amendment to the articles of association regarding deputy directors and amendment to the articles of association regarding reduction of the share capital and reduction of the reserve fund.

Petrogrand AB reported earnings results for the first quarter of 2013. For the period, the company's operating loss amounted to SEK 7,901,000 compared to SEK 7,071,000. Net loss after tax amounted to SEK 4,066,000 compared to SEK 15,566,000 a year ago. Loss per share amounted to SEK 0.10 compared to 0.39 a year ago.