Exploration group Petroneft’s first profit could boost reserves by 50%

PETRONEFT has reported its first pre-tax profit, adding that recent exploration success could boost group reserves by at least 50%.

The company’s financial results for the first half of 2011, published yesterday, show a pre-tax profit of just under $3.8 million (€2.8m) and a revenue of $15.97m. Petroneft — whose interests cover two licences in the Tomsk region of Russia — had a pre-tax loss of nearly $5m for the first half of 2010.

“The first part of 2011 has been very busy with the highlights being the major discovery at Sibkrayevskaya (the source of the 50% reserve boost potential) and the extension of the Lineynoye field to the north,” said chief executive Dennis Francis.