Petroneft Resources losses cut by foreign exchange
The IEX and AIM-listed company – whose chief assets are two licences in the Russian province of Tomsk – has reported a net loss of $6.47m for 2009; down from a loss of just over $7.9m in 2008. The fall in losses was mainly down to a decline in foreign exchange losses on dollar-based loans made by Petroneft to some of its wholly owned subsidiary companies during the past 12 months.
Petroneft’s chief executive Dennis Francis said that the company’s plans for this year remain ahead of schedule.
