Petroneft looks for acquisitions

IRISH oil and gas exploration company Petroneft Resources is actively looking at potential acquisition opportunities in its core geographical market of Siberia in central Russia.

The AIM and IEX-listed company owns two licences in the Tomsk province and just last week announced the signing of a new $5 million (€3.7m) debt facility with investment bank Macquarie, which will basically fund the exploration activity it has planned for the second half of this year.

The company — which has a production target of 4,000 barrels of oil per day (bopd) in place for this year — also announced, last week, that it is in advanced negotiations with “a number of international banks” (including Macquarie) over the provision of an even larger debt facility over the coming months.