Petroneft close to finalising Russia deal

Irish exploration company Petroneft Resources is close to concluding a farm-out of one of its main assets in Russia, with the transaction expected to be finalised before the end of March.

The Dublin-headquartered company, whose operational focus lies within the Tomsk region of Siberia, has been for a number of months in discussions with lenders over the refinancing of outstanding debt; and with separate parties regarding the potential farm-out of up to 50% of its licence 61 asset in the Arbuzovskoye field in Tomsk.

Regarding the latter prospect, the company said yesterday that “significant progress” has been made inside the past month, with a large international oil and gas company.