Petroneft posts loss, raises €18m in funding

IRISH oil and exploration company, Petroneft has posted a retained loss for the first six months of this year of $532,626 (€422,149).

On the upside, in the same period, the company raised $23.5 million (€18.26m) by way of two private placings.

Unaudited figures show turnover for the period reached $25,262 (€20,022).

The company was established last year to acquire and develop hydrocarbon acreage in Siberian Russia.

Shares in the company began trading on the Irish Stock Exchange’s IEX market last month.

The results stated all drilling and seismic contracts in place for the 2006/2007 winter season.

Three wells will be drilled, one delineation well each on the existing oil fields and one exploration well on the West Lineynoye Prospect.

PetroNeft’s chief executive Dennis Francis said: “Operationally it has been a busy year with many significant accomplishments highlighted by the company’s admission to the AIM and IEX markets.”

Highlights for the year include the company reinterpreting all previous seismic and well log data.

The company has a 100% interest in an exploration and production licence covering nearly 5,000sq km in the Tomsk region of western Siberia.