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.