Petroneft shareholders back management on farm-out

Shareholders in Irish exploration firm, Petroneft Resources, illustrated their support for the company’s management yesterday by overwhelmingly voting in favour of the firm’s recent farm-out agreement and unanimously opposing a hostile takeover approach from another investor.

At the first of two consecutive EGMs in Dublin’s Herbert Park Hotel yesterday morning, shareholders voted — with a 99.6% to 0.4% majority — in favour of the €61.5m farm-out deal recently negotiated by the company’s management regarding one of its chief assets in Russia.

Earlier this month, Petroneft announced that it had reached agreement over the long-running search for a development partner at its high-potential Licence 61 asset in the Arbuzovskoye field in Tomsk.