Irish exploration firm raises €13.3m with share placing

Petroneft Resources — the Irish exploration company with a focus on the Russian market — has successfully raised $17.25m (€13.3m) via a share placing with institutional and other investors.

The Dublin-headquartered company — which holds two licences in the Russian region of Tomsk — said that $7.5m of the proceeds will be used for part repayment of its loan facility with international investment bank, Macquarie.

Some $1m worth of the company’s remaining debt facility with Macquarie will also be converted into equity, used to retain the bank’s shareholding in the business.