Petroneft progress proves slow

Irish explorer Petroneft Resources has said that progress on its refinancing and farm-out plans has proved slower than expected, but that work is continuing on both fronts.

The Dublin-headquartered company’s operational focus lies in Siberia in Russia. It has been in discussions for a number of months over the restructuring of outstanding debt levels and the potential sale of up to 50% of itsLicence 61 asset in the Arbuzovskoye field.

In an update, yesterday, the firm said it continues to move forward on both fronts, but progress has been slower than anticipated. Interest shown by additional parties, within the past month or so, has slowed the refinancing matter, in particular.