India Oil buys half of PetroNeft prime asset

Dublin-based exploration firm PetroNeft Resources has reported a 12% increase in annual revenues, with production levels rising 8% during 2013.

However, the firm — whose operational focus is on the Tomsk region of Russia — ultimately made a net loss of $9m (€6.6m) last year, which was driven by a €4.4m foreign exchange loss on intra-group loans.

All in all, however, 2013 has been hailed — by management — as a turnaround year for the company; culminating in the recent long-awaited farm-out agreement of high potential asset, Licence 61 in the Arbuzovskoye field. Asian exploration giant, Oil India is buying a 50% share in the licence for a total consideration of €62.3m; which includes an upfront payment of €25m.