Petroneft hopes to give update on refinancing

Petroneft Resources has said it hopes to be in a position to update its shareholders on its refinancing plans in the coming weeks.

The Dublin-headquartered exploration firm — which has an operational focus on Siberia — said last month that it hopes to recommence drilling activity later this year, depending on the outcomes of ongoing debt re-financing and farm-out discussions.

The company has been building up oil production from existing wells in order to pay down debt of late. It is currently making monthly payments of $650,000 (€480,525) to Macquarie Bank and is in talks over the refinancing of its outstanding debt. It is also talking to “a number of parties” regarding the potential farm-out of up to 50% of its Licence 61 asset in the Arbuzovskoye field. The company claims to have made good recent progress on the debt talks.

“Since the AGM on Sept 11, we have continued to make good progress on refinancing the company, and I hope to be able to update shareholders in detail on this point in the coming weeks,” chairman David Golder said yesterday, on the back of the publication of the firm’s half-year results.

Those figures show Petroneft made a pre-tax loss of $9.72m in the first six months of 2013; up from a loss of $6.1m for the same period last year.

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