PetroNeft secures $27.5m in funding

Irish oil & gas firm PetroNeft Resources has secured funding of $27.5m at its EGM to enable the company begin full production in the second quarter of 2010.

The funding is subject only to admission of the second tranche placing shares to trading on AIM and IEX.

Application has been made to the London Stock Exchange and the Irish Stock Exchange for the second tranche placing shares, consisting of 97,717,906 ordinary shares, to be admitted to trading on AIM and IEX respectively.

Admission of such ordinary shares is expected to happen tomorrow.