25 May 2012

PetroNeft scoops £27m

19/10/2010 Robert Tyerman

Siberian oil play PetroNeft has raised $43 million (£27 million) to accelerate exploration and potentially acquire new areas.

The Dublin-based company, which owns 100 per cent of the newly-producing Licence 61 in the Tomsk Oblast region and 50 per cent of Licence 67 in the same area, has secured its money in a 'substantially oversubscribed' institutional placing at 43p, arranged by broking and investment concerns Davy, Canaccord Genuity and Renaissance Capital.

AIM-quoted PetroNeft, steered by chief executive officer Dennis Francis, says it will use the funds to more than double likely attributable reserves, which could take them to more than 200 million barrels. The company, which started producing in August from the Lineynoye field in Licence 61, argues it is on course to be producing 4,000 barrels a day by the end of this year, with around 12,000 barrels a day targeted for the end of 2012.

Floated at the equivalent of 19.8p four years ago, the shares have swung between 16.5p and 56.3p over the past year and now stand at the Euro equivalent of 43p, valuing the company at £151 million.

Tags: AIM, Commodities, Fundraisings

Sector: Oil & Gas Producers

Companies: Petroneft Resources

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