Petroneft share placing raises $43m

IRISH oil and gas exploration company, Petroneft, has raised $43 million (€31.2m), via its second successful share placing in a little over 12 months.

The capital raising effort — via the placing of 63 million shares on London’s AIM and Dublin’s ESM markets — was “substantially” over-subscribed and follows an equally successful $27m raising in September 2009.

Yesterday’s move basically gives the Dublin-headquartered company — which owns two licences in the Tomsk area of Russia, in Western Siberia — the financial muscle to accelerate its planned exploration programme (which covers both of its licences) and further strengthen the overall company’s development.