PetroNeft raises $43m in 'oversubscribed' placing

Irish exploration company PetroNeft said today it has successfully placed $43m at £0.43 (pence) per share in a placing which was ‘substantially’ oversubscribed.

The proceeds will be used to fund an accelerated exploration programme at its two licence blocks in Tomsk, in Western Siberia and for new business development opportunities, the company said.