Irish exploration firm PetroNeft Resources cuts losses by 8%

Irish exploration firm PetroNeft Resources has reported an 8% reduction in full-year losses and said that pending drilling activity could show a material rise in reserves at its flagship asset in Siberia.

The company — which recently fended off an activist shareholder challenge to its senior management and agreed a significant funding deal with joint venture partner, Oil India — yesterday reported a pre-tax loss of just under $7.7m (€6.8m) for 2015, down from $8.4m for 2014.

Gross production from its flagship Licence 61 asset amounted to 737,655 barrels of oil as of the end of last year.